The new programme “will require sound policies and reforms” to stabilise and help make the economy more resilient, the IMF said.
The South Asian nation has pledged that it would be the last loan from the international lender.
As part of the deal, Islamabad agreed to a number of unpopular measures, including increasing the amount of tax it collects from people and businesses.
The country has relied on IMF loans to meet its needs for decades and continued to struggle after years of financial mismanagement.
Last year, the country was on the brink of defaulting on its debts and had barely enough in foreign currencies to pay for a month of imports.
The IMF approved a $3bn bailout for Pakistan in July 2003. It also received funds from allies Saudi Arabia and the United Arab Emirates (UAE).
At the time, Mr Sharif said the bailout was a major step forward in efforts to stabilise the economy.
“It bolsters Pakistan’s economic position to overcome immediate to medium-term economic challenges,” he said.
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