The International Monetary Fund’s executive board has recently given the green light to a new $7 billion loan for Pakistan, a country facing financial challenges, according to officials on Wednesday. This loan, to be disbursed to Islamabad in portions over a period of 37 months, is designed to provide a much-needed boost to Pakistan’s struggling economy.

Prime Minister Shehbaz Sharif expressed his appreciation for the agreement, which had been under negotiations between Pakistan and the IMF since June. He specifically thanked Kristalina Georgieva, the head of the IMF, and her team for their approval of the loan. The first installment of the loan is expected to reach Pakistan soon, although the exact date of delivery has not been determined yet.

This latest development follows the staff-level agreement reached between Pakistan and the IMF over two months ago. The approval from the IMF’s executive board was anticipated following Pakistan’s fulfillment of all the conditions prescribed by the lender. Over the years, Pakistan has frequently turned to the IMF for financial assistance to address its economic requirements.

Prime Minister Sharif acknowledged the support of China and other friendly nations in facilitating Pakistan’s arrangement with the IMF. The loan is seen as a crucial step in helping Pakistan address its economic challenges and work towards financial stability in the foreseeable future.