IMF approves $6.7B loan to Pakistan

Sep 04, 2013, 3:35 PM EDT
This April 5, 2007 file photo shows the International Monetary Fund logo at IMF headquarters on Pennsylvania Avenue in Washington, DC.
AFP/Getty Images/TIM SLOAN

The International Monetary Fund has approved a three-year $6.7 billion economic assistance loan to Pakistan. Conditions include the government enacting reforms to increase growth, bring down the budget deficit and improve tax collection. As of August, the central bank had only $5 billion left in foreign currency reserves, enough to cover less than five weeks of imports.

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