The government only ran out of money because the IMF wouldn't give them any! Like usual, the IMF demanded one thing and one thing only: neoliberal austerity measures, which like always just destroyed another Third World country. Had the nation been able to acquire enough funds to better its infrastructure and to invest in other public works (as well as a few nationalisations), not only would Pakistan be united to this day, but it would likely be hailed as an economic miracle.
Now, don't get me wrong, I'm not exactly a lover of "structural adjustment" either, but your argument doesn't really make sense. Why should the IMF have given more loans to a corrupt dictatorship like Musharaff's, especially when everyone knew they would spend the money on more weapons to give to the Taliban or Islamic radicals in India, not on infrastructure or education. Nationalization of companies would make the problem of patronage even worse than it was. In my opinion, Pakistan was headed for collapse from the day the army first took power. Pakistan wasn't really a country, it was a collection of local fiefdoms policed by a powerful military which extorted money from the people and foreign powers in exchange for not fighting India and helping keep the Soviets out of Afghanistan.
I have to say, good riddance to Pakistan. At least Punjab and Sindhistan are reasonably successful now that they have competent civilian governance, and Balochistan and the NWFP are too poor and sparsely populated to do much damage to anyone. If only that nuke hadn't gotten loose, the collapse of Pakistan would have been a generally positive event for the rest of the world.