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posted: 7/4/2013 4:08 PM

Pakistan, IMF agree to $5.3 billion bailout

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  • Pakistani Finance Minister Muhammad Ishaq Dar, center addresses a news conference with IMF mission chief Jeffrey Franks, left, at the finance ministry in Islamabad, Pakistan on Thursday. Pakistan and the International Monetary Fund have reached an initial agreement on a bailout of at least $5.3 billion to stave off an economic crisis as the countryís foreign reserves dip perilously low, officials said Thursday.

      Pakistani Finance Minister Muhammad Ishaq Dar, center addresses a news conference with IMF mission chief Jeffrey Franks, left, at the finance ministry in Islamabad, Pakistan on Thursday. Pakistan and the International Monetary Fund have reached an initial agreement on a bailout of at least $5.3 billion to stave off an economic crisis as the countryís foreign reserves dip perilously low, officials said Thursday.
    ASSOCIATED PRESS

 
Associated Press

Pakistan took a major step toward averting an economic crisis thursday, reaching an initial deal with the international monetary fund on a bailout of at least $5.3 billion to help shore up the country's rapidly diminishing foreign reserves.

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