Pakistan has agreed with the International Monetary Fund (IMF) on a $7.6 billion emergency loan to stave off a balance of payments crisis.
Pakistan: Now or Never?
When the British left India in 1947, they bequeathed what was arguably a European notion of the nation state on a region for which the very concept was alien. I say “arguably” because anything one writes about Partition or the nation state is open to dispute. And until the financial crisis, I relegated this argument to the realm of historians — a subject that interested me personally, but did not seem relevant today.
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.