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Citibank is right on the dot here as to why the current Fiscal as well as the External Sectors are in crisis. Only question is, why didn't their research reports ever say this before? Why only now?
The inevitability of the current economic crisis a few years down the road was plain to see since at-least early 2004.
Only reason I can see is now it's an advice for the Pakistani Government to go back to the IMF balance of payment support programme, which entails harsh fiscal measures, and great political and social cost as consequence.