(Corrects disbursement amount to $1.32 billion and not $1.22 billion in headline and paragraph 1)

May 8 (Reuters) - The International Monetary Fund executive board on Friday reached a staff-level agreement on Pakistan's loan program, unlocking $1.32 billion in fresh funding, the fund said.

The decision allows for an immediate disbursement of around $1.1 billion under the Extended Fund Facility and around $220 million under the Resilience and Sustainability Facility, the IMF said.

(Reporting by Disha Mishra in Bengaluru; Editing by Chris Reese)