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Pakistan on the Verge of Bankruptcy, Presses Allies for Support
Pakistan said Friday that it would seek $4 billion in financial assistance, mostly from the World Bank, the Financial Times reported. Pakistan, a nuclear power and neighbor to Afghanistan, is on the verge of bankruptcy and if it does not receive the assistance it requires, the economy could collapse resulting in political upheaval and social unrest.
Pakistan has been wracked by inflation, currently running at 25% and its foreign reserves are dwindling. The nation’s currency, the rupee, last week sank to a new low of 84.4 to the dollar and has tumbled more than 33% against the greenback this year. Pakistan’s…
20Oct2008 | Money Morning | Comments Off | ContinuedIndia and Iran Plan Move Gas Project Forward Despite U.S. Reservations
After a visit to Sri Lanka, Iranian Prime Minister Mahmoud Ahmadinejad stopped off in India yesterday (Tuesday) to put the finishing touches on an agreement that will bring Iranian gas to Pakistan and India through a $7.6 billion pipeline.
The 1,615-mile pipeline will transport 30 million cubic meters of natural gas to Pakistan and India upon completion of its first phase. Capacity will later increase to 45 million cubic meters.
It will be integral in shoring up India’s energy grid, as the country currently imports 70% of its petroleum needs. India’s current gas supplies of 85 million cubic meters a day fall…
30Apr2008 | Money Morning | Comments Off | Continued
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