Another Emerging-Market Crisis May Be Brewing in Asia

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Another Emerging-Market Crisis May Be Brewing in AsiaThe central bank has raised interest rates to squeeze a current account gap. Getting Islamabad out of its jam is once again the job of the International Monetary Fund. Throw in fiscal austerity, which had an unmistakable imprint on the government’s budget on Tuesday, and the pain’s bound to get worse before it gets better. Rather than having to deal with stagflation and balance-of-payment deficits, Prime Minister Imran Khan is probably wishing he was in England at the Cricket World Cup, which Pakistan won for the first and only time under his captaincy in 1992.

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