A Pakistani money-changer counts US dollars

United Press International – Oct 10, 2008

 

 

36 minutes ago

ISLAMABAD (AFP) — Already nearly broke when the global financial crisis took hold, Pakistan now faces further woes that could take the nuclear-armed nation’s security situation closer to the edge, experts said.

The country, a frontline ally in the US-led campaign against Al-Qaeda and Taliban militants, has been forced to seek 10 billion dollars from western backers to stave of the threat of going bankrupt as early as February 2009.

As the world financial system nears meltdown, the situation is perhaps the biggest challenge yet for Pakistan’s new government as it tries to replace former president Pervez Musharraf’s outdated economic and security policies.

The administration here denies that the country is facing a balance of payments crisis — but admits that outside help is necessary to stabilise a crucial nexis of fears over Islamic extremism and atomic proliferation

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