The IMF warned on Oct 11 that the global financial system was on the brink of meltdown even as G7 finance ministers met President Bush at the White House to work together to solve the problem. It does not need an Einstein to figure out that developing countries will be the most affected should the IMF prediction come about. To say that this is bad news for Pakistan would be an understatement as it comes at a time when Pakistan's growth has virtually grinded to a halt, the downward slide of the rupee against the dollar has been alarming and our foreign exchange reserves have fallen to their most abysmal levels.
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