Editorial

Pakistan and IMF’s vaccine

Pakistan is preparing to approach the IMF to request for provision of cane, so it can survive the ongoing third wave of the Coronavirus Tsunami. Prime Minister Imran Khan has also verified that the government would approach the International Monetary Fund (IMF) for second relief package, during his address to the launching ceremony of the United Nations Development Program’s Pakistan National Human Development Report on inequality on Tuesday. The Prime Minister claimed that Country’s economy was recovering and all the indicators were positive, however due to third coronavirus wave the service Sector of the state has badly hit from the pandemic. Prime Minister Imran Khan said that owing to this tragic situation, government will have to review the whole situation and our new Ehsaas program.

While highlighting the scarcity of available resources, Prime Minister said that the United States had allocated round $4 trillion for it’s 330 million population to manage the impacts of COVID-hit, contrary to Pakistan which distributed just $8 billion among a population of 220 million.Prime Minister justified his government’s efforts for grabbing second package from IMF. The prime minister observed that the IMF had realized the seriousness of the situation as conditions could not be imposed on the people already suffering because of the pandemic.

Once Prime Minister Imran Khan was very critic of the International Monetary Fund (IMF) and it’s alleged discriminating polices against the developing countries. Now, the time as come that Prime Minister did not tired of musing the IMF’s important role in the world’s economy. The learnt usually says that IMF loans are like a wine, once it saury drops get into thirsty mouth it didn’t goes away through out life. The same situation happened with Mr. Khan and IMF. Naya Pakistan of Imran Khan has revisiulize the old tactics of IMF through its bailout package of $ 6 billion in July 2019. This was the 22nd IMF’s program for Pakistan. The IMF put strict conditions and close monitoring of the government polices and continuously dictating during the program.

The previous IMF program was negotiated and finalized by former Finance Minister Dr. Hafeez and as it reached to conclusion, Dr. Shaikh folded his bed for heading to Washington. Interestingly, currently PTI government is considering Mr. Shoukat Tareen, a former IMF employee and Finance Minister of Pakistan during PPPP era as an alternative to Dr. Hafeez Shaikh. It means now the making and breaking of 22nd IMF bailout package would be done by Shoukat Tarin. If the PTI had to use all these old guns and same out dated formulas of previous regimes than what is new in Naya Pakistan except the slogans.

Most of the Pakistanis are in the view that if the government has to run it’s business under direction and strict dictation of the IMF than it must abolish the posts of Finance Minister and his team because it is not a magic to control the economy by increase in taxs, inflation, loans and charities. The IMF’s bailout package is like a vaccine to evade the problem temporarily not permanent treatment of the disease. If previous 22 packages didn’t change the fate of Pakistanis, the next one is not going to make something extra ordinary. Therefore, the government must end this addiction and go to some permanent solution to the problem.

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The Frontier Post

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