ISLAMABAD/LONDON - Pakistan’s full-blown economic turmoil, from its biggest ever currency devaluation to a rash of emergency spending cuts, offers the clearest sign yet that the nuclear-armed nation faces the risk of a default unless it receives massive support.
A devaluation of 15 per cent in the Pakistani rupee and a rise last week in fuel prices could help eliminate some key snags, particularly as tax measures are apparently imminent. “If the IMF doesn’t come in, we’re looking at a default,” Mr Ismail said, adding that another support package, the country’s 24th, would then be needed. “I can’t imagine Pakistan not going on a back-to-back IMF programme.”
With just US$8.6 billion worth of such bonds, compared to the US$30 billion Pakistan owes to China, Mr Ismail said Islamabad might be better off “just going to those countries that we owe a lot, or to the institutions we owe a lot, and trying and get some more long-term loans.”
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