Pakistani officials say the executive board of the International Fund has approved a new $7 billion loan for the country.

Pakistan's benchmark share index hit a life-time high in opening trade on Thursday, hours after the International Monetary Fund's board approved a long-awaited $7 billion bailout deal for the struggling economy.

Pakistan secured final approval to start a $7 billion loan program from the International Monetary Fund, unlocking crucial financing to sustain the nation’s recovery from a crisis.

The International Monetary Fund (IMF) has approved a $7bn (£5.25bn) loan to cash-strapped Pakistan. The country is due to receive the first $1bn of the loan immediately, with the balance to be paid out over the next three years.

Pakistan has requested the International Monetary Fund (IMF) to provide an additional $1.5 billion loan to tackle the effects of climate change in the country, ARY News reported.Pakistan Prime Minister Shehbaz Sharif met IMF Managing Director Kristalina Georgieva on the sidelines of the 79th session of the United Nations General Assembly (UNGA) in

There will be transitional pain, but if we are to make it the last programme, then we have to carry out structural reforms,” Finance Minister Muhammad Aurangzeb told local broadcaster Geo News. IMF said it would issue an “immediate disbursement” of around $1 billion.