The International Monetary Fund agreed in principle to provide around USD7.6 billion under a 23-month standby arrangement with Pakistan. The funding will back the country’s economic program, which aims to restore investor confidence and enhance social safety nets for the poor, IMF Managing Director Dominique Strauss-Kahn said. “The Executive Board is expected to meet to discuss the program shortly under the Fund’s Emergency Financing Mechanism procedures,” Strauss-Kahn added. (“IMF Announces Staff Level Agreement with Pakistan on USD7.6 Billion Loan” - International Monetary Fund, Nov. 15, 2008)
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