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.

Pakistan has been struggling with boom-and-bust economic cycles for decades, leading to 22 IMF bailouts since 1958. Currently the country is the IMF's fifth-largest debtor, owing the Fund $6.28 billion as of July 11, according to the lender's data.