The International Monetary Fund (IMF) Executive Board meeting on Pakistan has been scheduled for July 12, the lender confirmed in email on Wednesday.

Pakistan secured a badly needed $3 billion stand-by arrangement (SBA) from the International Monetary Fund on Friday, giving the South Asian economy a much-awaited respite as it teeters on the brink of default.

The staff level agreement on the SBA is subject to approval by the IMF Executive board.

The previous Extended Fund Facility expired on June 30, with the 9th, 10th, and 11th reviews pending.