The IMF approves a $7 billion loan for Pakistan, which will get $1 billion immediately

ISLAMABAD (AP) — Pakistani officials say the executive board of the International Fund has approved a new $7 billion loan for the country. The loan is aimed at boosting Pakistan’s ailing economy. Prime Minister Shehbaz Sharif in a statement hailed the deal that his team had been negotiating with the IMF since June. The fund’s immediate disbursement will be around $1 billion, according to the global lender. While the IMF praised Pakistan for taking key steps to restore economic stability, it also warned that the country’s challenges and vulnerabilities remain formidable.