Pakistan seeks 10bn from expats to avoid bankruptcy

Pakistan has turned towards its expatriate community for help in a desperate bid to stave off bankruptcy as negotiations in Washington over an emergency aid package continue. By Isambard Wilkinson in Islamabad The government is urgently seeking $10 billion from its diaspora to avoid defaulting on its debts that are dragging the country towards insolvency. Pakistan's newly-appointed financial chief, Shaukat Tareen, who is in Washington on a mission to persuade international groups to stump up billions of dollars to bolster Pakistan's fast depleting foreign reserves, has said that a fund will be set up for expatriate investors to buy stocks. "We are looking at creating a fund for non-resident Pakistanis to consist of government stocks," said Mr Tareen. "The values are very good so we want to create a bouquet to offer to... [read full story]