Pakistan to get $3.1 bn IMF loan

The International Monetary Fund (IMF) will give a $3.1-billion loan to Pakistan, Finance Minister Shaukat Tareen has said.

The International Monetary Fund (IMF) will give a $3.1-billion loan to Pakistan, Finance Minister Shaukat Tareen has said.

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Due to the delay in funding from Friends of Democratic Pakistan, the government has approached the IMF for financial assistance, the minister told reporters here Friday.

Currently, the foreign exchange reserves of the country stood at $12 billion, while the inflation rate in June was 13 percent, Online news agency reported citing the Pakistani leader.

Pakistan has also asked for additional funds from the IMF for its insurance sector.