Pakistan Gets $500 Million Loan From World Bank

[Coventina]

Source: Wall Street Journal

KARACHI -- Pakistan has received a $500 million loan from the World Bank to help stabilize the economy, an official at the country's central bank said Tuesday.

The loan is interest-free and for 35 years, said the State Bank of Pakistan official, who didn't want to be named.

The loan from the bank's International Development Association is aimed at helping protect the poor and improving the country's competitiveness by shoring up the financial sector and cutting barriers to starting a business.

"The loan from the World Bank will help contain the current account deficit, which in the year ended June 30, 2008, ballooned to more than $14 billion, putting immense pressure on the country's forex reserves," said Mohammed Imran, head of research at First Capital Equities Ltd., a Karachi-based brokerage house.



Read more: http://online.wsj.com/article/SB123849187727773247.html

[panader0]

1. 500 million!!?? Wish that much would fix the US's economy

[tomm2thumbs]

2. that should help with some government stability without it looking like 'U.S. Money'

hopefully good news continues along these lines - thanks 4 posting

[Oregone]

3. I wish I could get a 500 million dollar loan. I promise Ill pay it back