Pakistan has sought an emergency bail-out from the IMF, a humiliating step forced on Islamabad after allies refused to come up with cash .
Pakistan’s finance minister, Shaukat Tareen, said recently that going to the IMF was his “plan C”, but Islamabad has been stung by rebuffs from its closest international partners – China, the US and Saudi Arabia – leaving it with few choices.
Hungary, Iceland, the Ukraine and Belarus are also seeking assistance from the IMF to help weather the global financial crisis. Belarus has applied for a $2 billion loan, Interfax reported Oct. 22, and the Ukraine said this week it may sign a loan worth as much as $15 billion.
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Well I know India was in a similar state in 1991. but too bad for pakistan especially when the WB has become really stingy in giving out loans.
I can’t believe though that pakistan is calling this plan C…for most countries it would be plan A.