11-16-2008, 08:45 AM
<b>Pakistan Agrees to $7.6 Billion IMF Loan Program </b><!--QuoteBegin-->QUOTE<!--QuoteEBegin-->Nov. 15 (Bloomberg) -- Pakistan reached an agreement in principle with the <b>International Monetary Fund on a $7.6 billion loan package aimed at preventing the nation from defaulting on foreign debt and restoring investor confidence</b>.
The loan ``will be used for the balance of payments and to build our foreign reserves,'' Shaukat Tarin, the de facto finance minister, said today at a televised news conference in Karachi.
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Pakistan will seek financial support from the<b> `Friends of Pakistan' group</b>, which is due to meet on Nov. 17 in the United Arab Emirates. The group, which was established last month to help Pakistan stabilize its economy, includes the <b>U.S., U.K., China and Saudi Arabia. </b>
``The `Friends of Pakistan' group wanted us to get an IMF endorsement for our economic program,'' Tarin said.
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The loan ``will be used for the balance of payments and to build our foreign reserves,'' Shaukat Tarin, the de facto finance minister, said today at a televised news conference in Karachi.
.....
Pakistan will seek financial support from the<b> `Friends of Pakistan' group</b>, which is due to meet on Nov. 17 in the United Arab Emirates. The group, which was established last month to help Pakistan stabilize its economy, includes the <b>U.S., U.K., China and Saudi Arabia. </b>
``The `Friends of Pakistan' group wanted us to get an IMF endorsement for our economic program,'' Tarin said.
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