Pakistan has won final approval for a $7.6 billion loan from the International Monetary Fund, Associated Press reported. The IMF said a first installment of $3.1 billion will be transferred immediately to Pakistan. The IMF said the Pakistani economy had been badly hit by the worsening security situation, higher oil and food import prices and the global financial and credit crisis. «By providing large financial support to Pakistan, the IMF is sending a strong signal to the donor community about the country's improved macroeconomic prospects, » IMF acting Chairman Takatoshi Kato said in a statement released after the decision Monday in Washington, where the fund is based.
