International Monetary Fund’s exceutive board will meet on Wednesday to discuss approval of a staff-level agreement with Pakistan.

Pakistani authorities have expressed optimism that the first tranche of the enw bailout program will be approved in the meeting.

Pakistan and IMF had reached a staff-level agreement on June 30 that agreed in principle on a $3 billion bailout over nine months. However, the funds can only be released after the approval of the board.

The agreement came after months of back and forth between the Fund and Pakistani officials, including a visit by an IMF delegation to Pakistan earlier this year.

The long process of getting the deal signed with IMF involved providing external financing guarantees which the IMF reportedly accepted on Tuesday.

The board meeting will review Pakistan’s commitments to the reform program proposed by IMF and also review the external financing plan.

Under the external financing plan, Pakistan is also set to receive money from the World Bank and the Asian Development Bank apart from the IMF.

Also part of the plan is money to be received from China, UAE and Saudi Arabia. Finance Minister Ishaq Dar announced that $2 billion were received from Saudi Arabia on Tuesday.

Pakistan was faced with depleting foreign exchange reserves leading to the rupee rapidly losing value against the dollar. The country responded with import restrictions to prevent the flight of dollars from the country. The government hopes the IMF deal can begin to fix these woes.