Now there are signs of tension between Pakistan and the International Monetary Fund (IMF). The IMF is adamant that it will not start releasing tranches of the nearly $6.5 billion loan sanctioned until Pakistan strengthens its fiscal health. There is deep disappointment in Pakistan due to the stance of the IMF.
The latest statement of Pakistan Defense Minister Khwaja Asif has been considered an expression of this dissatisfaction. Asif said that the IMF does not have a solution to Pakistan's problem. Pakistan will have to find this solution within itself. Asif also said the shocked thing that Pakistan is bankrupt. According to the newspaper Dawn, he said- 'You must be hearing that Pakistan is going to become bankrupt or defaulter. This has already happened. We are living in a bankrupt country.
On the other hand, IMF Managing Director Kristalina Georgieva has said that Pakistan will have to collect more taxes. For this, he should withdraw the subsidy given to the rich people. In an interview given to Germany's Radio Deutsche Welle, he said- Pakistan has to take such steps, so that it can exist as a country, and not become a dangerous place where there will be a need to reschedule the loan repayment schedule.
According to observers, this interview with Georgieva has given a clear indication that the IMF is in no mood to show any mercy to Pakistan. While the conditions of defaulting (being unable to repay the debt) in Pakistan are becoming increasingly serious. Georgieva did not hesitate to say what the IMF wanted. He said that the biggest need is that Pakistan should increase its tax revenue.
At the same time, the IMF chief said that Pakistan should give subsidies only to those who need them. It should be given only to poor people.
According to a report published in the newspaper Express Tribune, the attitude of the IMF has shattered the hopes of the officials of the Government of Pakistan to get any relief from it soon. According to these officials, Pakistan agreed to implement several financial and economic suggestions of the IMF. At the same time, he also agreed on the condition that the price of Pakistani currency would be largely determined by the market principle. On the other hand, the electricity duty was also increased. But these measures have not satisfied the IMF. This has created discontent among Pakistani officials.
Pakistan's failure to persuade China of debt relief is believed to have led to the IMF withholding of its loan. The IMF had stipulated that Pakistan obtain debt relief assurances from its bilateral creditors. According to observers, China is not ready for this. That's why despite the Government of Pakistan agreeing to several important conditions, the stance of the IMF remains tough.
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