News

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.
 

This forum has been closed.
Comments
     
There are no comments in this forum. Be first and add one

Feature Story

FILE - Smoke and fire rise in the Quneitra province as Syrian rebels clash with President Assad’s forces, as seen from the Israeli controlled-Golan Heights, Aug. 27, 2014.

Israel, the Quiet Partner in Fight Against Islamic State Group

Israel, not an official member of the international coalition against Islamist militants, could find itself drawn into the conflict More

Special Reports