IMF-franked Pakistan returns to 'Friends'

QUETTA, Pakistan - Pakistan, having reluctantly secured a US$7.6 billion loan package with the International Monetary Fund (IMF), turns this week to the "Friends of Pakistan" group of nations to strengthen the bailout of its deeply embattled economy. The first IMF tranche of $4 billion, designed to remove the prospect of the country defaulting on its overseas debt, will be released this year under terms of a deal reached at the weekend. The tranche is part of the 23-month loan package under standby credit limits at interest rates of between 3.51% and 4.51%, with repayment to be made in five years beginning from 2011.