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Pakistan near debt default

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Barely a month since the presidential election, falling foreign currency reserves have forced Pakistan’s new government to turn to the IMF for a loan.

Pakistan’s foreign reserves have fallen sharply in recent months. At half the level they were a year ago, the country now stands on the precipice of defaulting on its international debt.

In order to avoid a default, Pakistan’s government has turned to the International Monetary Fund (IMF) for a loan. News reports estimate that Pakistan is seeking between $4 billion and $15 billion in loans from the lender of last resort. Neither Pakistan nor the IMF has confirmed an amount.

According to Pakistan’s central bank, as of October 10, the country had only $7.75 billion in total ...

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