Pakistan’s Prime Minister, Shehbaz Sharif, announced on Thursday that Pakistan has fulfilled all the requirements imposed by the International Monetary Fund (IMF) to become eligible for a new $7 billion loan aimed at supporting its economy. The approval for the loan is expected to be finalized by the IMF’s board of executive directors on Sept. 25. Sharif commended his finance team and advisers for meeting the IMF’s conditions during a recent Cabinet meeting in Islamabad.

Expressing gratitude to China for its assistance in securing the bailout, Sharif refrained from disclosing further details regarding the support. The IMF had stipulated that Pakistan needed to expand its tax base and eliminate subsidies on energy, both of which the government has already put into effect, despite concerns from Pakistani citizens about the increased energy costs.

According to a statement released by Pakistan’s Finance Ministry on Thursday, all outstanding issues with the IMF have been resolved in a cordial manner. This latest development comes following an agreement reached between Pakistan and the IMF two months ago for the $7 billion loan, which would last for a period of 37 months if approved by the IMF’s executive directors.

Pakistan is currently grappling with a severe economic crisis, prompting Sharif to express optimism that the country will diminish its dependency on external loans in the coming years.