Pakistan asks IMF for rescue loan
source: http://news.bbc.co.uk
Pakistan has asked for a loan package from the International Monetary Fund worth at least $7.6bn (£5.1bn), its top economic adviser has said.
Shaukat Tarin, adviser to the prime minister, said the loan would stave off the country's balance of payments crisis and stabilise the economy.
Pakistan needs the money in order to avoid defaulting on international debt.
It had been exploring other sources of funds in order to avoid stringent IMF conditions but failed to find a deal.
Speaking at a news conference in Karachi, Mr Tarin said Pakistan would apply formally for the loan next week.
The government stands to receive $4bn this year as part of the 23-month IMF deal, the AFP news agency reports. It will start repaying the loan in 2011.
Shaukat Tarin, adviser to the prime minister, said the loan would stave off the country's balance of payments crisis and stabilise the economy.
Pakistan needs the money in order to avoid defaulting on international debt.
It had been exploring other sources of funds in order to avoid stringent IMF conditions but failed to find a deal.
Speaking at a news conference in Karachi, Mr Tarin said Pakistan would apply formally for the loan next week.
The government stands to receive $4bn this year as part of the 23-month IMF deal, the AFP news agency reports. It will start repaying the loan in 2011.
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