ISLAMABAD -- Pakistan's government is taking desperate measures to scrape together foreign funds -- from leasing port facilities to the United Arab Emirates to launching a new investment council -- as it begins to lose hope for a deal with the International Monetary Fund to avert default.
A centerpiece of the government's economic revival plan is the new Special Investment Facilitation Council (SIFC), chaired by Prime Minister Shehbaz Sharif with members including federal ministers, provincial chiefs and the head of the powerful army, Gen. Syed Asim Munir. This is designed to attract billions in foreign direct investment (FDI) by shortening "cumbersome and lengthy business processes through a cooperative and collaborative whole-of-the-government approach," according to a news release from the prime minister's office.
