Pakistan's full-blown economic turmoil, from its biggest ever currency devaluation to a rash of emergency spending cuts, offers the clearest sign yet that the nuclear-armed nation faces the risk of a default unless it receives massive support
, Ismail said Islamabad might be better off "just going to those countries that we owe a lot, or to the institutions we owe a lot, and trying and get some more long-term loans."
Multilateral and bilateral financing pledges for Pakistan's rebuilding efforts after the floods also depend on a green light from the IMF. IMF officials have been eager to support poorer countries and Pakistan promises to be a crucial partner for the West, but paying out gets trickier when a programme is close to its end and a new government could come in and try and tear up a deal.
The political timing is also critical. After the government's tenure ends in August, a special caretaker government will take charge for up to 90 days to ensure free and fair elections.
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