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IMF Approves Pakistan Loan Package

Pakistan has won final approval for a $7.6 billion loan from the International Monetary Fund.

The money is intended to support Pakistan's efforts to stabilize and rebuild its economy.

In a statement Monday, the IMF says Pakistan will have immediate access to the first installment of $3.1 billion with the rest being distributed in quarterly payments over a 23-month period.

The IMF says the loan program will help restore the confidence of investors, as well as maintain social stability and provide adequate support for the poor.

The Pakistani economy has been badly hit by a worsening security situation, higher oil and food prices, and the global financial and credit crisis.

Some information for this report was provided by AP and Reuters.