Pakistan views economic stabilization plan

ISLAMABAD, Pakistan, Nov. 20 (UPI) -- The Pakistani government approved an economic stabilization program and gave the go-ahead for a $7.6 billion International Monetary Fund loan, officials say.

Plans were agreed to at a special Cabinet meeting at the capital, presided over by Pakistani Prime Minister Yousaf Raza Gilani.

The Ministry of Finance was asked to complete negotiations with the IMF for an agreement on early release of the loan, Dawn news reported.

Shaukat Tarin, the minister on finance, said that the fund would provide the loan at an interest rate of 3.51 to 4.51 percent.

He told the Cabinet of an urgent need to develop an integrated energy generation and conservation plan in order to boost agriculture, industry and other production sectors.