What Happens if Pakistan Doesn't Get Paid?

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Pakistan is running out of reserves and they need to do something pretty urgently. It's worth saying that we are not going into the kind of classic emoji market debt crisis. What we are seeing now is a broad and widespread debt crisis among poorer developing countries. And what happens if Pakistan does default? The worst of the consequences are for the people of Pakistan.

Annual US inflation fell in December to its lowest level in more than a year, and Sweden’s state-owned mining company LKAB has said it has discovered Europe’s largest deposit of rare earth metals. Plus, the FT’s Jonathan Wheatley and Farhan Bokhari discuss Pakistan’s financial crisis.

Mentioned in this podcast:

US inflation falls to lowest level in more than a year

Pakistan secures more than $9bn of pledges for post-flood recovery

Sweden discovers biggest rare earths deposit in EU

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The FT News Briefing is produced by Fiona Symon, Sonja Hutson and Marc Filippino. The show’s editor is Jess Smith. Additional help by Peter Barber, Michael Lello, David da Silva and Gavin Kallmann. Topher Forhecz is the FT’s executive producer. The FT’s global head of audio is Cheryl Brumley. The show’s theme song is by Metaphor Music.

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