I.M.F. Approves $6.7 Billion Loan for Pakistan

http://www.nytimes.com/2013/09/05/world/asia/imf-approves-6-7-billion-loan-for-pakistan.html

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The International Monetary Fund’s board approved a $6.7 billion loan package for Pakistan on Wednesday to help the nation revive its ailing economy. In a statement, the monetary fund said the three-year loan program should help Pakistan rebuild its reserves and prevent a crisis in its balance of payments. Loans from the monetary fund generally come with conditions for economic changes and encourage other donors to step in with additional financing. The new loan will arrive just in time. As of August, the Pakistani central bank had only about $5 billion left in foreign currency reserves, enough to cover less than five weeks of imports.