'Pakistan needs $3-4 bln to stabilise economy'
According to a bank economist, Pakistan needs a capital infusion of $3 bn to $4 bn "up front" to stabilise its economy and bolster rapidly dwindling foreign currency reserves.world Updated: Sep 29, 2008 11:51 IST
Pakistan needs a capital infusion of $3 billion to $4 billion "up front" to stabilise its economy and bolster rapidly dwindling foreign currency reserves, according to Sakib Sherani, a bank economist who is serving on the prime minister's economic advisory council.
He said Pakistan faces a total financing gap of $7 billion to cover a projected current account deficit of $14 billion for the fiscal year ending June 20, 2009, but not all the funds were needed immediately.
"Upfront we need at least 3 to 4 billion dollars to stablise the economy," Sherani said.