In an effort to minimise administrative expenditures, cash-strapped Pakistan on Sunday announced to abolish about 150,000 government posts, close six ministries, and merge two others, as part of reforms agreed upon with the IMF under USD 7 billion loan deal.

Pakistan's Finance Minister, Muhammad Aurangzeb, forewarned 'transitional pain' as the nation embarks on its 25th IMF program, a $7 billion loan, aiming to be the last. The deal, conditional upon structural reforms,

The executive board of the International Monetary Fund has approved a new $7 billion loan for cash-strapped Pakistan, authorities said Wednesday, more than two months after the two sides said they had reached an agreement.

Pakistan has received "significant financing assurances" from China, Saudi Arabia and the United Arab Emirates linked to a new International Monetary Fund program that go beyond a deal to roll over $12 billion in bilateral loans owed to them by Islamabad,

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.