IMF approves $6.7 billion loan for Pakistan

The International Monetary Fund's board has 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.



Two top finance ministry officials in Pakistan announced the Fund's approval of a package in August, pending the board's decision and Pakistan's progress on fiscal reforms.

The new loan will arrive just in time. As of August, the central bank had only about $5 billion left in foreign currency reserves, enough to cover less than five weeks of imports.

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