Pakistan seeking at least $7.6 bln IMF loan

by Amitjha | November 15, 2008 at 02:45 am

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Pakistan's financial condition is in bad shape, it is asking for IMF loan to handle its balance of apyment crisis.World economy is alrady in tatters, and the demand for pakistani goods in international market is going down.It is big challange for the newly formed government to stablise the economy.

Pakistan has asked the International Monetary Fund (IMF) for a loan facility of at least $7.6 billion to stave off a balance of payments crisis and stabalise its economy, the country's top economic adviser said on Saturday.

"Next week we will officially apply and send them a letter of intent," Shaukat Tarin, the recently adviser to the prime minister, told a news conference in Karachi.

Tarin said he expected the IMF to make the first disbursements later this month.