Masthead graphic based on a painting by Gudrun Thriemer.

Wednesday, November 12, 2008

Isambard Wilkinson, "Islamabad scrambles to prevent bankruptcy," The National, November 11, 2008.

  Pakistan’s ambassador to Washington, Hussain Haqqani, told The Boston Globe this week that the United States must bail out Pakistan for it to continue its expensive military operations in the US-led “war on terror”.

ISLAMABAD // Pakistan is clamping down on foreign exchange dealers in a bid to stem the flow of capital leaving the country as it teeters on the verge of bankruptcy.

The government, led by the Pakistan People’s Party, has taken controversial measures to restore international confidence in its economic policies before important meetings next week.

  The IMF is reported to be demanding that the Pakistan raise interest rates by 100 basis points to 150 basis points, set a fiscal deficit target of 3.9 per cent of gross domestic product and raise the bar on tax revenue collection.

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