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Pakistan closing in on IMF deal

By raising interest rates and allowing the currency to fall against the US dollar, Pakistan this week took more steps towards securing new funding from the IMF and avoiding a default. The remaining sticking point appears to be an IMF demand that Pakistan cut back on expensive fuel subsidies. Although such a move would be politically very unpopular, there are signs the government is prepared to make concessions in this area too. A deal with the IMF is looking increasingly likely.

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