Islamabad, In an effort to minimise administrative expenditures, cash-strapped Pakistan on Sunday announced to abolish about 150,000 government posts,.

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.

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.