“Where is the Pakistani ‘Gordon Brown’ when you need him?”
“Oh, wait a minute …
… they DO have nukes.”
According to the IMF’s staff report, the State Bank of Pakistan holds over 2 million troy ounces of monetary gold, having $2.7 billion value at market rate.
- Boosting forex reserves: Pakistan refuses to sell $2.7b worth of gold says IMF (The Express Tribune, March 29, 2014):
ISLAMABAD: Pakistan has refused to sell gold worth $2.7 billion, citing national security reasons, as the International Monetary Fund (IMF) pushes Islamabad to convert the precious metal into cash to build foreign currency reserves, revealed the global lender’s report on Friday.
The report, prepared by IMF’s staff led by its Washington-based Mission Chief to Islamabad Jeffrey Franks, also spills the beans on the ‘$1.5 billion gift’ to Pakistan by ‘Saudi Arabia’ – the name Prime Minister Nawaz Sharif’s government has so far refused to officially share with parliament.