Today, Asif Ali Zardari met with the “Friends of Pakistan” in Islamabad to discuss the economic crisis in the beleaguered nation. The conclave, the Pakistani president’s Plan B, included representatives of the United States, Britain, France, Germany, Canada, Australia, Turkey, the United Arab Emirates, the European Union, and the United Nations.

Also attending was China. Yet Beijing’s presence in the Pakistani capital was merely window dressing. Last week Zardari traveled to Beijing to sign up a series of pre-packaged agreements with the Chinese and to receive the usual expressions of China’s devotion for its “all weather” friend. He did obtain a soft loan of about $1 billion, far short of the $3 to $4 billion he needs to stabilize the economy. Unfortunately for Zardari, the Chinese refused to provide a bigger package of assistance. “We have done our due diligence, and it isn’t happening,” said a Chinese diplomat, as reported by a Western official. Plan B–a plea for foreign investment and aid from the countries attending the Friends of Pakistan forum–holds little hope of meeting the country’s immediate needs. Inflation is at 25 percent, and the government is on the edge of default.

And what is Plan C? Plan C is the next-to-last resort of all mismanaged economies: the International Monetary Fund. The IMF will, as a part of its normal prescription, require Pakistan to cut spending and raise taxes. The Zardari government has already undertaken some unpopular moves–such as eliminating oil subsidies–and further measures would undercut the new president’s fragile standing.

We, of course, very much care about how Zardari fares. He is, as they say, a crucial ally in fighting the Taliban and other militants who have found refuge in Pakistan’s tribal areas. Islamabad’s officials, not surprisingly, are making the help-us-or-the-fanatics-will-take-over-our-government argument. “They are saying, ‘We are a strategic country, the world needs to come to our aid,’ ” said a senior IMF official. Unfortunately, the Pakistanis have a point. No one wants to see a nuclear-armed power come apart.

And what is the very last resort for Pakistan? That, of course, is Washington. These days, of course, we do not look so flush. Yet if we could have afforded to support Pervez Musharraf, we can aid his successor, who has far better democracy credentials. By all means, we should get others to contribute to the rescue-Pakistan-now effort, but this is one project that is in our interest to fully support, especially now that China has turned its back on Islamabad.

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