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When prime minister Nawaz Sharif came to power in February, Pakistan’s balance of payments deficit was out of control, it had lost the trust of the IMF, and its fiscal situation was so serious that default on loans to international lenders seemed inevitable. Five months on, Pakistan is on the slow path to economic recovery. Reserves have improved, morale in the private sector is higher, and the IMF appears on the brink of extending further funds. |
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