The International Monetary Fund (IMF) has approved a loan for Pakistan, amounting to USD 7.6bn to shore up the economy. The loan will "support the country's economic stabilization program," the IMF said in a brief statement. Pakistan will immediately access USD 3.1 billion of the loan under a 23-month facility, with the rest phased in, subject to quarterly review, the fund said. Pakistan needs the money in order to avoid defaulting on international debt. It had been exploring other sources of funds to try to avoid stringent IMF conditions but failed to find a deal. (BBC)

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