(The following is a guest contribution. Reuters is not responsible for the content and the views expressed are the author’s alone. The writer is Pakistan’s High Commissioner to the UK)
Pakistan: Now or Never?
If your country is desperate to stave off economic collapse, there is probably no better place to visit, and no better friend to have, than China right now. With $2 trillion in foreign exchange reserves, China is sheltered from the worst of the financial storm, so much so that many are looking at it to play a part in hauling the global economy into calmer waters.
Pakistan’s economy has survived three wars with India and a long history of tension with its much bigger neighbour. But this time its own domestic economic and political problems, combined with tension on the border with Afghanistan, are running smack into a global financial crisis that will make it harder for its traditional allies to bail it out.
Amid the conventional wisdom that Pakistan’s economy is falling to pieces — a view reinforced inside the country by soaring food prices and frequent power cuts — it’s interesting to see that someone still sees it as a hot market for foreign funds.