Pakistan, which is facing an economic crisis, has now received a setback from the IAMF. The International Monetary Fund (IMF) has rejected Pakistan's request to borrow from the central bank. The news agency ANI, quoting the report of Pakistani newspaper 'The Express Tribune, has said in its report that the Washington-based international financial institution did not agree on any meaningful accountability of the State Bank of Pakistan (SBP).
'The Express Tribune in its report has said that even 100 percent of the central bank's profit will not be transferred to the Imran government until the SBP gets a cover to pay back its monetary liabilities. According to the terms of the International Monetary Fund (IMF), at least 20 percent of the profit of the State Bank will now remain in the treasury of the central bank until it gets the desired cover from the government of Pakistan.
The IMF rejected the proposal of the Government of Pakistan to allow loans equal to two percent of GDP in a financial year. The IMF rejected Pakistan's offer despite all this, in which the Imran government argued that it was its constitutional right to take loans to finance its operations.
Under the IMF program, there is a ban on government borrowing from the State Bank till September 2022. A draft states that the bank will not make any direct loans or guarantees to the government or any government-owned institution or any other public entity. According to the report, the ban on borrowing from the central bank has left the Imran Khan government at the mercy of commercial banks.
This blow to Pakistan from the IMF comes at a time when Imran Khan says that he does not have money to run the country. Because of this, we have to take loans, due to which the burden of foreign debt is increasing continuously. Imran Khan had said that tax culture could never be created in Pakistan. Along with this, Imran also questioned why the culture of paying tax is not developing in Pakistan after all.
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