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.

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

The International Monetary Fund has approved seven billion dollars under the Extended Fund Facility program for Pakistan. The decision was made during the IMF Executive Board meeting held in Washington.