Pakistan in emergency dash to US for credit lifeline - to avoid bankruptcy

The Telegraph ^ | 10/9/2008 | Isambard Wilkinson and Damien McElroy Posted on 10/09/2008 3:45:18 PM PDT by bruinbirdman Pakistan has dispatched its top finance officials on a mission to raise billions of dollars from its closest allies in a last ditch bid to stave off bankruptcy. Shaukat Tareen, the prime minister's finance adviser, and Shamshad Akhtar, the governor of the central bank, have travelled to Washington to secure £6 billion American and British-backed lifeline. Oil-rich Gulf states have been lined up to match Western funds with extra billions to ensure that the country, which until recently touted itself as the next Asian Tiger, avoids a balance of payments crisis. Mr Tareen, a suave former banker, was appointed this week to spearhead the last ditch bid to after it was revealed that state reserves had halved since... [read full story]