ISLAMABAD (AP) — The head of the International Monetary Fund says it will send a team to Pakistan in the coming weeks after the government requested emergency bailout loans.
IMF Managing Director Christine Lagarde confirmed that Pakistan had requested the loans after meeting with Finance Minister Asad Umar in Indonesia on Thursday, without saying how much the Pakistanis had asked for.
Analysts say Pakistan is seeking $8 billion in loans in order to confront a balance of payments crisis. The government is also seeking fresh loans from China, which is already heavily invested in transport and energy.
Pakistan's currency plunged by around 7 percent earlier this week after word of the loan request was made public.
Disclaimer: This is unedited, unformatted feed from the Associated Press (AP) wire.
