Shaukat Aziz: The IMF must come to the fore in countries’ time of need

As Pakistan finalises a $7.6 billion bailout from the IMF, the country’s former prime minister says leadership and wisdom is required to help the globalized financial markets survive the financial crisis.

The foundations of the global financial system have been shaken and we are going through a very challenging period, facing a crisis of confidence with reduced liquidity, capital and debt availability. The world has globalized and inter-linkages, dependencies and connectivity have increased exponentially.

When the crisis arrived, many argued that decoupling would occur and there would be no contagion. Nothing is farther from the truth: no country or market is an island. All stakeholders will be hit.