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Pakistan says $7.6 Billion IMF Loan Agreed - ASHARQ AL-AWSAT English Archive
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KARACHI, Pakistan, (AP) – Pakistan’s top finance official says the International Monetary Fund has agreed “in principle” to lend it $7.6 billion to avert an economic crisis.

Shaukat Tareen said Saturday that Pakistan would apply formally for the loan next week. The IMF has already signaled that it will respond quickly.

Pakistan needs funds urgently to augment its foreign currency reserves and avert a run on its currency and a default on its international debt.

The country can ill afford an economic crisis as it faces surging violence blamed on Taliban and al-Qaida militants based in the northwest, close to the border with Afghanistan.

Asharq Al-Awsat

Asharq Al-Awsat

Asharq Al-Awsat is the world’s premier pan-Arab daily newspaper, printed simultaneously each day on four continents in 14 cities. Launched in London in 1978, Asharq Al-Awsat has established itself as the decisive publication on pan-Arab and international affairs, offering its readers in-depth analysis and exclusive editorials, as well as the most comprehensive coverage of the entire Arab world.

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