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Pakistan agrees to $5b IMF loan

Published:Friday | July 5, 2013 | 7:47 AM

Pakistan's newly elected government has agreed on a $5.3 billion loan with the International Monetary Fund.



The three-year loan will replenish the central bank's reserves and buy time for the government to cut its budget deficit and fix the energy sector.



Prime Minister Nawaz Sharif won elections in May in Pakistan's first democratic change of government.



Among the new government's priorities are: dealing with frequent power cuts and increasing tax collection.



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