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Pakistan reaches accord with IMF on new bailout package - minister

ISLAMABAD, May 12 (Reuters) - Technical teams from Pakistan and the International Monetary Fund have reached agreement on a new three-year, $6 billion bailout package, Pakistani Finance Minister Hafeez Shaikh said on Sunday.

Speaking on PTV television, he said the staff level agreement, which must still be approved by the IMF board of directors in Washington, would show that effective reforms were underway in Pakistan.

(Reporting by Syed Raza Khan Editing by Raissa Kasolowsky)