News of Pakistan’s $6 billion loan deal with the IMF this week can be read in two ways: a country gaining direction and stability under a new government, or one in a desperate condition that has no choice but to do what a distant multilateral wants. But either way, the country is of increasing interest to foreign banks.
The IMF bailout has been a long time coming. Imran Khan, the prime minister who was elected last year, delayed approaching the multilateral for nine months while he sought other funds, successfully raising loans from Saudi Arabia, the United Arab Emirates and China.
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