IMF approves $7 billion loan for cash-strapped Pakistan

The International Monetary Fund (IMF) has approved a $7 billion loan for cash-strapped Pakistan more than two months after the two sides reached an agreement for the bailout. Pakistan will receive the loaned money in instalments over 37 months with immediate disbursement of about $1 billion. The IMF warned that Pakistan's vulnerabilities and structural challenges remained formidable.