"The IMF’s 3-year $6.6bn loan to Pakistan has come just in time. As the FT reported, the loan may “stave off a balance of payments crisis, cheering investors concerned that foreign reserves had sunk to about six weeks worth of imports.”
According to Bloomberg data, the level of foreign reserves plus gold dropped below a rolling three month average of imports back in May, and the trend is clear.
'via Blog this'
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