The International Monetary Fund (IMF) is eminent for developing loans and trapping developing countries around the world, employing a large team of vigilant experts to persuade and work with developing countries that if they want to achieve development and stability, they should take a loan package from the IMF. As soon as a country shows willingness to do so, it is encased in the trap of conditions and thus that country will last for a long time as a slave to the IMF. The formulation of the country’s economic policies and other important decisions are made by the representatives of the IMF. Pakistan has also been playing the game of the IMF loan package for a long time. Pakistan is completely under the control of the IMF. People have been appointed to key positions there such as Governor of the State Bank and Federal Minister of Finance, who have been imposing on the public every policy and decision taken by the IMF in the name of development and stability of the country.
It is a fact that in every era of power there have been many claims of getting rid of the IMF, but instead of the shredding out of the IMF, the country has been pushed to the brink of economic ruin by imposing more debts. When the government’s fourth Finance Minister, Shaukat Tarin, took over the reins of office, the nation was reassured that things would improve with regard to the IMF but so far what is happening and the policies and decisions, by the way, it seems that this Finance Minister is trying to play more or less the same role as the Finance Ministers who have been identified as representatives of the IMF before.
Unfortunately, Pakistani Finance Ministers have always proved to be euphoric to the IMF instead of the people. Federal Finance Minister Shaukat Tarin, on the one hand, is implementing the agenda coming from the IMF and on the other hand, he is trying to increase the anxiety of the nation through his statements. The Federal Finance Minister says that this time the IMF is looking at the country very strictly, and it is being forced to do a lot of things that it does not want to. The IMF is asking for a 17 percent sales tax and said Rs 700 billion new revenue, but we have brought it to Rs 343 billion. We are trying to impose taxes at different rates so that as the tax collection increases, we will reduce tax rates. The government is making every effort to impose a minimum burden on the people, but the pressure of the IMF is forcing a burden on the people.
However, the IMF, after the striking efforts of Pakistani authorities, had agreed with Pakistan on necessary measures required to revive the $6 billion Extended Fund Facility (EFF) for the South Asian country striving to counter economic challenges. After several months of dialogue with the IMF, Pakistan sought no considering relaxation in terms of the package, which demanded more reforms and amendments in law bills with a specific focus on the government approving the Finance (Supplementary) Bill and the State Bank of Pakistan Amendment Bill 2021.
The people have never said that they want the government to go to the IMF again and again. The government has been forced to go to the IMF instead of the people, because of its poor policies. The people have been bearing the brunt of the IMF for a long time so it has not been possible for the Finance Minister to entertain the people by merely stating the directions, because the people are well aware that at this time the IMF is completely dominant over the economy of Pakistan. From the borrowing of governments to the collection of bills from the people, is at the dictation of the IMF. This so-called mini-budget was also made entirely at the request of the IMF. The government has accepted the responsibility of passing it and presenting its report before the IMF Board in obtaining the loan itself. The government can try to save itself by playing tricks in the mini-budget, no matter that the IMF cannot be given any leeway, nor can the people be further fooled by various means.
Undoubtedly, it has been a common practice around the world that in developing countries, the Finance portfolio is entrusted to magicians who narrate figures that confuse the economy in such a way that the people seem to see the benefit in their loss as well, but now the situation in Pakistan has reached such a stage that even the eloquent words of the Finance Minister have disgusted the people. The burden of incompetence of the rulers on the people was not less that the additional burden of IMF that has to be borne.
The Pakistan Tehreek-e-Insaf (PTI) has always insisted on increasing tax revenue and adopting austerity measures to pay off the country’s debt. The aim is to improve the living standards of the people as a result of economic stability, and reduction of poverty and unemployment in the country.
Imran Khan had also promised the nation to save the country from the IMF along with economic reforms after winning the elections. If due to some constraints it is not possible for the government to fulfill its promises, then the entire burden of the IMF should not be placed on the people, because the people have lost all ability to bear any kind of burden.
