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Economy

Pakistan turns to 'friends' after failing to secure IMF bailout

Analysts say Saudi and Chinese billions will not restore country's credibility

Pakistani Prime Minister Imran Khan has been making the rounds of "friendly countries" to seek a way out of economic turmoil. (Getty Images)

ISLAMABAD -- Pakistani Prime Minister Imran Khan is boosting efforts to obtain financial assistance from "friendly countries," after negotiations with the International Monetary Fund failed to secure a bailout package that would save the South Asian country from its balance of payments crisis.

After almost two weeks of discussions between Pakistani Finance Ministry officials and the IMF, the talks ended inconclusively on Tuesday. The two sides did resolve to carry on the process, hoping to finalize a deal sometime early next year.

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