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| Pakistan 'needs IMF loans soon' | Pakistan 'needs IMF loans soon' |
| (10 minutes later) | |
| The German Foreign Minister, Frank-Walter Steinmeier, has said that Pakistan has just "a few days" to raise billions of dollars in foreign loans. | The German Foreign Minister, Frank-Walter Steinmeier, has said that Pakistan has just "a few days" to raise billions of dollars in foreign loans. |
| After meeting senior members of the government, he said that Pakistan had no choice but to seek a loan from the International Monetary Fund (IMF). | After meeting senior members of the government, he said that Pakistan had no choice but to seek a loan from the International Monetary Fund (IMF). |
| Mr Steinmeier said that the loan was needed to avoid a deepening crisis. | Mr Steinmeier said that the loan was needed to avoid a deepening crisis. |
| Economists say that the country needs needs up to $15bn over the next 24 months to stabilise the economy. | Economists say that the country needs needs up to $15bn over the next 24 months to stabilise the economy. |
| They say that can best be achieved by sustained foreign assistance and investment in the agricultural, industrial and energy sectors. | They say that can best be achieved by sustained foreign assistance and investment in the agricultural, industrial and energy sectors. |
| Little assistance | Little assistance |
| "I hope the decision (with the IMF) will be taken soon. It won't help to have it in six months, or six weeks. Rather, we need it in the coming six days," Mr Steinmeier said at a joint news conference conference with his Pakistani counterpart, Shah Mehmood Qureshi. | "I hope the decision (with the IMF) will be taken soon. It won't help to have it in six months, or six weeks. Rather, we need it in the coming six days," Mr Steinmeier said at a joint news conference conference with his Pakistani counterpart, Shah Mehmood Qureshi. |
| "We will support your country in the negotiations with the IMF," he said. | "We will support your country in the negotiations with the IMF," he said. |
| Some economists fear that Pakistan faces economic meltdown | Some economists fear that Pakistan faces economic meltdown |
| The German foreign minister said that his country would also be willing to step up development assistance to Pakistan but he declined to give a figure. | The German foreign minister said that his country would also be willing to step up development assistance to Pakistan but he declined to give a figure. |
| Correspondents say that Pakistan's seven-month-old government has been reluctant to go to the IMF and has been looking for help from friendly governments - but so far little assistance has materialised. | Correspondents say that Pakistan's seven-month-old government has been reluctant to go to the IMF and has been looking for help from friendly governments - but so far little assistance has materialised. |
| The BBC's M Ilyas Khan says that the country has plenty of long-term commitments from a group of countries called the Friends of Pakistan, but any default on international obligations in the short term may hurt its ability to attract future investment. | The BBC's M Ilyas Khan says that the country has plenty of long-term commitments from a group of countries called the Friends of Pakistan, but any default on international obligations in the short term may hurt its ability to attract future investment. |
| Our correspondent says that the decision by two of its closest allies, China and Saudi Arabia, to decline providing cash for an immediate bailout means that only one short-term window remains open, that of the IMF, with its strategy of achieving stabilisation by cutting growth. | Our correspondent says that the decision by two of its closest allies, China and Saudi Arabia, to decline providing cash for an immediate bailout means that only one short-term window remains open, that of the IMF, with its strategy of achieving stabilisation by cutting growth. |
| With donors pre-occupied with their own financial problems because of the worldwide financial crisis, experts say that many countries would apparently prefer to wait for IMF involvement before they lend Pakistan money, because that would make the country more financially disciplined. | With donors pre-occupied with their own financial problems because of the worldwide financial crisis, experts say that many countries would apparently prefer to wait for IMF involvement before they lend Pakistan money, because that would make the country more financially disciplined. |
| Pakistan has said that is has not yet formally asked the IMF for a loan, but an IMF spokesman said on Friday talks going on in Dubai between the fund and Pakistani officials would enable the IMF to respond swiftly should a request be made. | Pakistan has said that is has not yet formally asked the IMF for a loan, but an IMF spokesman said on Friday talks going on in Dubai between the fund and Pakistani officials would enable the IMF to respond swiftly should a request be made. |