IMF board approves 7.6 billion dollar credit to Pakistan

WASHINGTON, November 24, 2008 (AFP) - The International Monetary Fund said Monday its executive board approved a credit of 7.

6 billion dollars for Pakistan, the Fund's first rescue in Asia since the global financial crisis began.

The credit will "support the country's economic stabilization program," the IMF said in a brief statement.

The Fund and Pakistan had already announced an agreement in principle earlier this month on the package, aimed at staving off a balance of payments crisis that has raised the prospect of the violence-hit nation defaulting on its foreign debts.
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Pakistan's precarious financial situation has caused worldwide alarm due to its role as a key ally in the US-led "war on terror" and its position as the Islamic world's only nuclear power.

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