ISLAMABAD :. August 29,2022: In a major development, the International Monetary Fund (IMF) has restored its Extended Funding Facility ( EFF) programme , making it possible for Pakistan to get its tranche of $ 1.17 billion in near future.
IMF board met today (Monday) to take up Pakistan’s case for revival of EFF and release it a tranche of $1.17 billion.
Pakistan’s economy is in dire strait and it was desperately looking for revival of IMF programme to steer Pakistan out of its economic crisis. Its economy is in real trouble. Its forex reserves have gone as low as below $ 8 billion.
Pakistan had entered into a $ 6 billion deal with IMF in September last year when PTI was in power, but the same Imran Khan government trashed the programme with IMF in February this year after having smelled end of its rule.
The PTI government’s decision of trashing the IMF agreed programme just for petty politics damaged Pakistan’s economy more than any thing . Imran Khan as prime minister instead showing responsible behaviour opted for cheap politics over national interest.
He, in total contrast to agreed terms with IMF, reduced petroleum product prices . Not for one time or for one foresight, but till his last day in power. He did the same in the case of power rates also.
Imran Khan government had agreed with IMF to end subsidy on power, but since Imran Khan was certain of his ouster, he wanted to damage Pakistan’s economy as much as possible to make its revival next to possible for next government.
Imran Khan’s action of doing politics over credibility of the country eroded credibility of Pakistan. This seemed the real objective of Imran Khan. He wanted to damage Pakistan beyond repair in reaction to end of his rule. He remained successful as new government had no option, but to go back to IMF and plead for revival of the suspended EFF programme when it was annoyed over PTI government”s breach of soveriegn agreement.
Imran Khan and his party meanwhile started to enhance pressure on the new government to create unrest among the public and persuade it to come to the streets against its hard decisions demanded by IMF to revive suspended EFF programme.
Pakistan’s case was like a person who faces a big monster on one side and a roaring river on the other.
The government, however , opted to accept hard confitions of IMF like repeated upward revisions in gas, petrol and power rates to get bail out package from the donor.
Surge in utility rates after coming in of the new government triggered a horrifying flood of inflation, putting the lives of the people in utter misery. At one point , prime minister , Shahbaz Sharif and Finance minister ,Mifah Ismail, had turned into a persona non- grata for entire population of Pakistan.
Meanwhile , PTI and Imran Khan along with some of his cronies like Fawad Hussain Chaudhary and one man party –Shaikh Rashid –were making every possible effort to push Pakistan In a Sri Lanka like turmoil . They were issuing statements that could add to disappointment in the society on daily basis. Shaikh Rashid’s role was extremely disappointing rather disgusting. He was issuing fake statements to the media every morning telling the people of Pakistan that Shahbaz Sharif was going to lead the country to a visible default.
Imran Khan and his party leaders’ venom did not end here. His so-called economic wiezard –Shaukat Tareen–hatched a new conspiracy against Pakistan by blocking the deal with IMF at the last stage. He advised his baby Finance ministers –Taimour Jughra in KPK and Mohsin Leghari in Punjab– to write down a letter to IMF asking it not to approve its programme for release of $ 1.17 billion .
Shaukat Tareen’s treacherous act of suggesting two provincial Finance ministers to write a letter to IMF has shocked every one except Imran Khan and Asad Umar whose only agenda is to damage Pakistan if their party is not in power.
Despite extremely treacherous act of Imran Khan and his conies , IMF has approved revival of its EFF programme for Pakistan. A formal announcement to this effect by IMF is expected shortly .
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Miftah Ismail told a TV anchor on Monday evening that IMF’s approval for revival of EFF was actually a great favour of the fund to Pakistan. He said revival of IMF programme and release of its $1.17 billion tranche will put Pakistan’s economy back on track.
Prime minister , Shahbaz Sharif , congratulated Miftah Ismail and his team to bring IMF back to revival of its programme for Pakistan.
