IMF approves $451 mln in flood aid for Pakistan


The International Monetary Fund on Wednesday approved as expected $451 million in emergency funding for Pakistan to help the country rebuild from devastating floods.

The IMF said in a statement the funds will go toward Pakistan’s budget to help with additional spending needs caused by the floods and immediate foreign exchange needs.

The fund said gross domestic product growth in Pakistan was unlikely exceed 2.7 percent in 2010-11 due to a drop in agricultural output, which has added to budget pressures.

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