Pakistani officials say the executive board of the International Fund has approved a new $7 billion loan for the country.

Pakistan's benchmark share index hit a life-time high in opening trade on Thursday, hours after the International Monetary Fund's board approved a long-awaited $7 billion bailout deal for the struggling economy.

Pakistan secured final approval to start a $7 billion loan program from the International Monetary Fund, unlocking crucial financing to sustain the nation’s recovery from a crisis.

Pakistan said Thursday it would have to go through "transitional pain" after the International Monetary Fund agreed to a new relief package of $7 billion to bolster its faltering economy."There will be transitional pain,