WASHINGTON: The International Monetary Fund’s board on Wednesday approved a $6.7 billion loan package for Pakistan to help the South Asian nation revive its ailing economy.
In a statement, the IMF said the three-year program should help Pakistan rebuild its reserves and prevent a crisis in the balance of payments. IMF loans generally come with conditions for economic reform and should encourage other donors to step in with more funds.
Pakistan gets $540 million immediately, and the rest will be disbursed after regular reviews of the program, the Fund said. –REUTERS