The German Foreign Minister, Frank-Walter Steinmeier, has said that Pakistan has just "a few days" to raise billions of dollars in foreign loans.
After meeting senior members of the government, he said that Pakistan had no choice but to seek a loan from the International Monetary Fund (IMF).
Mr Steinmeier said that the loan was needed to avoid a deepening crisis.
Economists say that the country needs up to $15bn over the next 24 months to stabilise the economy.
They say that can best be achieved by sustained foreign assistance and investment in the agricultural, industrial and energy sectors.
Meanwhile the Pakistani army has said it has halted the construction of a new multi-million dollar headquarters in Islamabad because of the economic turmoil.
A military spokesman said that army chief, Gen Ashfaq Kiyani, has decided to suspend construction of a $210 million new headquarters which would have housed all three military services.
Correspondents say that even before the economic crisis set in, critics had derided it as a waste of money.
"About 10 percent of work has been completed but we felt it should be halted as we understand the nation's quest for economic stability and want to help," the spokesman told the Reuters news agency.
Correspondents say that work on the headquarters began last year on a plot of land in the foothills of the Himalayas.
Little assistance
Mr Steinmeier said that an IMF loan was necessary so that Pakistan could avoid "the most difficult situation".
"I hope the decision (with the IMF) will be taken soon. It won't help to have it in six months, or six weeks. Rather, we need it in the coming six days," Mr Steinmeier said at a joint news conference conference with his Pakistani counterpart, Shah Mehmood Qureshi.
The German Foreign Minister, Frank-Walter Steinmeier, has said that Pakistan has just "a few days" to raise billions of dollars in foreign loans.
After meeting senior members of the government, he said that Pakistan had no choice but to seek a loan from the International Monetary Fund (IMF).
Mr Steinmeier said that the loan was needed to avoid a deepening crisis.
Economists say that the country needs up to $15bn over the next 24 months to stabilise the economy.
They say that can best be achieved by sustained foreign assistance and investment in the agricultural, industrial and energy sectors.
Meanwhile the Pakistani army has said it has halted the construction of a new multi-million dollar headquarters in Islamabad because of the economic turmoil.
A military spokesman said that army chief, Gen Ashfaq Kiyani, has decided to suspend construction of a $210 million new headquarters which would have housed all three military services.
Correspondents say that even before the economic crisis set in, critics had derided it as a waste of money.
"About 10 percent of work has been completed but we felt it should be halted as we understand the nation's quest for economic stability and want to help," the spokesman told the Reuters news agency.
Correspondents say that work on the headquarters began last year on a plot of land in the foothills of the Himalayas.
Little assistance
Mr Steinmeier said that an IMF loan was necessary so that Pakistan could avoid "the most difficult situation".
"I hope the decision (with the IMF) will be taken soon. It won't help to have it in six months, or six weeks. Rather, we need it in the coming six days," Mr Steinmeier said at a joint news conference conference with his Pakistani counterpart, Shah Mehmood Qureshi.
