Borrowers couldnt borrow and had to liquidate assets instead. As forced sellers, many lost money; with too little loss-absorbing capital, some faced insolvency. Fear spread, further driving down the prices of securities, adding to the panic. It was a run, but not one that traditional financial regulation could have stopped. Legislators and regulators havent been idle lately.
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US to finance feasibility study of $14bn dam
He said the US administration would put its weight behind Pakistanas case for higher loan package. Mr Dar told the ambassador that the IMF management had agreed to increase bailout package to $6.5bn from $5.3bn offered by its staff mission early this month but Pakistan was insisting on increasing it to $7.3 billion to bridge the gap between external inflows and outflows. Mr Dar said all progress on details of the programme have been positive so far and athe only pending issue that needs to be resolved was the size and tranches of the loan.a aEven with $7.3 billion loan, Pakistan will be facing a financing gap of about $0.5 billion,a the finance minister told Mr Olson, elaborating that in case of $6.5bn offered by the IMF, the gap would go beyond $1bn and hence US support in the IMF board would be of crucial importance. An official statement said the issue of Bilateral Investment Treaty (BIT) between the two countries also came under discussion during the meeting.