economic crisis facing pakistan in 2008

Is Pakistan going towards default?

In the back drop of the global financial crisis there are bold indications of Pakistan’s default on foreign debt repayment. To avert the likely threat of default, the country needs foreign aid/IMF inflow of 10 billion dollars before February 2009. President Asif Ali Zardari recently visited the United States with a begging bowl for acquiring a large amount of loans from the potential donors. His efforts have materialized in the formation of Friends of Pakistan Consortium which consists of the United States, Canada, Italy, Australia, United Kingdom, Germany, France, E. U, Turkey, China, Japan and Saudi Arabia. Read More »Is Pakistan going towards default?