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IMF Approves $6.7 Billion Loan For Pakistan

Pakistan - map - redesign
The International Monetary Fund has approved a $6.7 billion loan for Pakistan to help the country pursue economic reforms and avert a financial crisis.

The Washington-based global lender said on September 4 that the loan will support structural changes in the economy aimed at boosting investment and growth.

The IMF's approval allows for the release of a first installment of $540 million.

The remaining amount will be paid out evenly over three years, subject to the completion of quarterly reviews.

To secure the loan, Islamabad committed to reforms in the country's economy aimed at bringing down the deficit, reducing electricity shortages, and improving the country's poor rate of tax collection.

Based on reporting by AFP and AP