On Friday, the International Monetary Fund (IMF) reviewed the Pakistani Fund (EFF) program of $ 1 billion and considered a new resistance and sustainability loan of $ 1.3 billion (RSF). India, an active member of the IMF, caused concerns about the efficiency of the IMF rescuers to Pakistan and emphasized the bad results of the country and the risk of debt abuse.
Inquiry
India pointed out that Pakistan was a frequent IMF debtor with a payout for 28 of the last 35 years. “There have been four IMF programs over the past five years. If previous programs had succeeded, Pakistan would not need further help,” India said, and questioned whether the failure consisted of “IMF program designs, monitoring or Pakistan.”
Military adhesion
India stressed that the Pakistani army remains deeply involved in the country’s economic matters and represents the risks of reform. “Even with a civilian government in power, the army continues to play an excessive role in domestic politics and expands its tentacles deep into the economy,” India said, quoting the UN 2021 report, describing military companies as the Pakistani “largest conglomerate”.
Political considerations in the game
India also described the findings from the IMF’s own evaluation report, which recorded the perception that “political considerations have an important role in the borrowing of the IMF to Pakistan”. India warned that repeated assistance left Pakistan with a dangerously high debt load, making it “too large to fail for the IMF.”
Concerns about the financing of terrorism
India expressed strong objections to the potential abuse of the IMF funds and stressed that “remuneration of the ongoing sponsorship of cross -border terrorism sends a dangerous message to the global community”. India warned that such risks financing “exposes agencies and donors of reputation damage” and “makes a mockery of global values”.
Call to reform
India called on the IMF and other international institutions to ensure that moral values were better integrated into a lending decision. “The fear that it could be abused for military and terrorist purposes in the influx of running,” India remarked, but she added that the IMF reaction remains “bounded by procedural and technical formalities”.
The IMF recognized India’s concern and recorded its delay in the vote on the new program for Pakistan.
(Tagstotranslate) IMF assistance for Pakistan
