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International News

IMF to provide Pakistan $450 million in emergency aid to cope with floods

September 2, 2010 |The Associated Press

WASHINGTON - The International Monetary Fund says it will provide Pakistan with about $450 million in emergency aid this month to help it cope with devastating floods.

IMF Managing Director Dominique Strauss-Kahn said in a statement Thursday that Pakistan needs the money to deal with a disaster that has seriously damaged infrastructure and hurt the country's economic outlook.

The IMF says the aid comes on top of $7.3 billion provided under an arrangement in place since November 2008.

Flood waters have torn through Pakistan over the past month. The waters have destroyed or damaged more than one million homes and prompted a major international relief effort that continues to struggle with the scale of the destruction.

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