Friday, October 17, 2008

Pakistan seeking $3 billion from China

Pakistan is seeking $3 billion from China in emergency aid, according to the Washington Post.
The visiting State Bank of Pakistan Governor Shamshad Akhtar told the Post that Pakistan is also seeing assistance from Saudi Arabia and the United Arab Emirates.
The Bush administration and Congress have been shaping a long-term economic and military assistance package for Pakistan, but there is no indication the US is able to step in with a short-term financial lifeline, the report says.
It says there are fears that Pakistan may not be able to secure the funds to avoid a debt default early next year, and its investor potential insolvency could grow into a panic in coming weeks.
Investors are more concerned about Pakistan now because Saudi Arabia has not yet responded to a Pakistan request for an oil facility, it said.

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