The Debt Trap’s Jaws Close on Pakistan

The new Pakistani government headed by Imran Khan is being forced by circumstances into an International Monetary Fund bailout in an effort to deal with the country’s worsening economic conditions and rapidly falling foreign exchange reserves, at least partly because of the enormous cost of indebtedness over the China Pakistan Economic Corridor, which has beggared the country. Forex reserves have hit a record low of US $8.4 billion.

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