IMF Approved US $7.6 Billion Loan To Pakistan

The Executive Board of the International Monetary Fund (IMF) approved Monday to provide Pakistan with $7.6 billion of urgently needed loan financing, foreign reports said. It is reported that Pakistan is currently in a balance of payments crisis, and the 23 month standby loan is expected to form part of a larger international aid program. In the short term, the country needs about $4 billion to pay for imports and help pay off debts. Pakistan will seek about $20 billion in loans from different sources in the next two years, according to Pakistan's Quasi finance minister.