Pakistan

China and Pakistan like to describe their relationship as sweeter than honey and stronger than steel. As a huge China-backed project to overhaul Pakistan’s creaking infrastructure takes shape, Pakistani bankers are steeling themselves to discover just how sweet that Chinese investment might be.

Pakistan and its bankers have enjoyed a purple patch since 2013, when the IMF rescued the country from a near-death experience. There are encouraging signs of a sustainable period of growth, much of it being driven by investor demand. But, with elections looming, can the country continue to build on its hard-won gains?