Pakistan near debt default

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

PakistanÆs 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, PakistanÆs 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....

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