Pakistan says the IMF has approved a $7 billion loan

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. Islamabad expects to receive the first installment of the loan soon, though its exact date was not immediately known. The development comes more than two months after the IMF reached an agreement with Pakistan for the borrowing.