Pakistan Approved For $6.7 Billion IMF Loan

Pakistan has been approved for a $6.7 billion emergency loan package from the International Monetary Fund according to a statement from the lender earlier today. The money will be given to Pakistan over a three year period and will serve to stabilize the country’s economy and bolster the country’s foreign reserves. According to a Bloomberg piece on the loan, Pakistan’s foreign reserves fell 42 percent this year to $5.2 billion by the closing days of August. That left the country with less foreign reserves than it needed to cover imports over the short term. Pakistan has been suffering from a…