Imran Khan’s first task after being sworn in as Pakistan’s Prime Minister on Saturday is averting a financial crisis. The cricketer-turned-politician must choose whether to dial back a Chinese-financed development program or increase the country’s reliance on Beijing. Pakistan’s foreign exchange reserves dwindled to $10.3 billion at the end of last month, the equivalent of two month’s imports. The government needs to borrow about $10 billion quickly to avoid default on foreign debt. That debt has ballooned as Islamabad borrowed...

Source: Wall Street Journal August 19, 2018 22:18 UTC