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Germany says Pakistan must get IMF help

Germany says Pakistan must get IMF help

German Foreign Minister Frank-Walter Steinmeier says Pakistan must secure a loan from the International Monetary Fund within a week to avert a financial crisis.
Pakistan's huge balance of payments deficit is draining its foreign currency reserves and pushing it toward a default on its international debt.
Islamabad has already approached the IMF. But it has held out hope that it can raise funds from other lenders.
However, Steinmeier said Tuesday after talks with Pakistani leaders that they had no choice but to seek an IMF loan.
He said Pakistan needed to secure the loan within a week to avoid deepening the crisis. He said that Germany would help it secure the credit.