Pakistan seeking emergency loan from IMF (Los Angeles Times)

The U.S. ally's finance chief says the International Monetary Fund agreed to the bailout after endorsing plans to tackle the country's huge budget and trade deficits. Pakistan has agreed to borrow $7.6 billion from the International Monetary Fund in an effort to stabilize the economy of this strategically important U.S. ally on the front lines of the battle against Al Qaeda and the Taliban.