IMF board approves $6.7 billion loan for Pakistan

Last Updated: Wed, Sep 04, 2013 16:20 hrs

WASHINGTON, Sept 4 (Reuters) - 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.

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