Pakistan will need yet more rescues unless it embraces reform

Lenders should insist that government reduce spending on elites and military

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Men reach out for subsidized flour in Karachi on Jan. 10: Pakistan's situation has only worsened. © Reuters

Salman Rafi Sheikh is assistant professor of politics at the Mushtaq Ahmad Gurmani School of Humanities and Social Sciences of Lahore University of Management Sciences.

Pakistan's foreign reserves have sunk to $4.3 billion, barely enough to pay for three weeks of imports, according to central bank figures as of Jan. 6.

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