The same was revealed as the Pakistan Prime Minister briefed the federal cabinet on his China visit.
A team of Pakistani officials was expected to arrive here on November 9 to finalise the details.
"The Chinese premier asked PM Imran to leave the tariff lines aside and offered the $1 billion facility instead", he said, adding that the long-term solution to Pakistan's balance of payments troubles was enhancement in exports.
The two sides believe that China-Pakistan relations have experienced the test of time and environmental changes at home and overseas and are constantly moving forward.
"We have been offering our assistance to Pakistan within the best of our capacity".
Khan, who has previously voiced opposition at worldwide bailouts, went to China after receiving $6 billion in support from Saudi Arabia. "I want to make that clear in unequivocal terms that we do not have any balance of payments crisis now".
Before his visit to China, Umar had said that at present Pakistan faced a total of $27 billion deficit which included $9 billion debt repayment this year. The two sides agreed to firmly advance the China-Pakistan Economic Corridor (CPEC), set up the task force on social and livelihood projects to constantly enrich and expand the CPEC.
It would be Pakistan's 13th rescue package from the multilateral lender since the late 1980s.
Chinese leaders such as President Xi Jinping and Premier Li Keqiang had friendly exchanges with him and established good relations.
Earlier on Monday, Foreign Minister Shah Mehmood Qureshi said he was feeling very confident after returning from a productive visit to China led by PM Imran Khan. "We believe our ties withstood the test of times in domestic and worldwide changes", she said.
Khan, who is on an official trip to China to secure an economic package for his cash-strapped country, was addressing a ceremony on Sunday at the Central Party School which was shown live by the Pakistan Television Corporation (PTV).