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The Heartless IMF people and Pakistan’s ‘Bailout deal’

The Heartless IMF people and Pakistan’s ‘Bailout deal’

By Javed Mahmood/TTI Magazine Report

ISLAMABAD: During the past two to three months, International Monetary Fund (IMF) officials are using different tactics to delay the resumption of the loan programme for Pakistan. The economic team of Pakistan and IMF officials are holding talks, directly and virtually, since January 2023, but the IMF people are showing the least interest in giving timely further loans to Pakistan. Even by the first week of March 2023, the coalition government completed all the upfront requirements, including some harshest conditions with the aim to unlock a $1.1 billion IMF loan. The harshest conditions are making life miserable for the masses in Pakistan, but for the heartless people, this is not an issue at all.

So far, despite all efforts of the government, the IMF did not show any interest in quickly releasing the next tranche though the economic crisis in the country is deepening day by day. Pakistan is urgently seeking an IMF loan _ to bolster economic activities, enhance foreign exchange reserves, support the flood-hit people, and move forward. But the heartless IMF people are completely indifferent to the woes of millions of Pakistanis, especially those who have suffered a lot because of the catastrophic floods and tormenting rains in October last year. And since then they are waiting for help from the government and the international community.

Why is Pakistan desperately seeking an IMF loan?

Why is the IMF delaying the resumption of the loan programme despite the fact that Pakistan has fulfilled all the upfront conditions of the multilateral creditor?

Many people in Pakistan and outside the country are once again talking about the political motives of the IMF. Some are saying that the remote-controlled stooges of the IMF are punishing Pakistan through the harshest conditions just because Pakistan is an ally of China and implementing the China-Pakistan Economic Corridor (CPEC). The CPEC is being termed a game-changer multi-billion dollars project. Nonetheless, the CPEC is an eye-sour for the remote-controlled puppets in the IMF, whose motto of life and profession is to please their Masters, especially the United States of America. IMF people claim to be champions of tackling economic crises by supporting countries with problems, but on top of their agenda will always be the tacit motives of their Masters.

A few days ago, China has publicly exposed the United States, saying “the radical fiscal policy of a developed country” is one of the major reasons for the economic crisis in Pakistan and other developing countries. Chinese spokesperson did not name the United States directly, but the words she used made it clear who is influencing the IMF and how they manipulate things to create problems for those who are not fully onboard with the USA and are close allies of China.

Woes of Millions of Flood-Hit Pakistanis & IMF

In 2022, Pakistan has faced massive climatic destruction because of floods and tormenting rains. Millions of people became homeless, countless suffered unprecedented losses to their homes, businesses, livestock, farmlands, and standing crops. Pakistan has estimated more or less $40 billion worth of total losses. The secretary general of the United Nations Antonio Guterres himself spent a week in Pakistan with marooned people in the flood-hit areas. On his appeal, the international community donated around $10 billion for relief and rehabilitation works at an international conference in Geneva.

Unfortunately, donations, grants, and loans meant for flood rehabilitation have also stuck up just because of the heartless people (IMF officials), who are delaying the resumption of the loans programme. It is because the donors want Pakistan to revive the IMF loan first to obtain $10 billion for flood relief and rehabilitation activities. Just imagine that millions of hapless Pakistanis devastated by floods in October last year are still looking towards the Pakistan government and the international community for help to lead a better life _ understandably not the one the heartless people are leading in the world. The heartless people can drain billions of dollars in the Ukraine war, but supporting the flood-affected people is not their priority.

Seeing the large-scale devastation caused by floods and heavy rains, the IMF and the international donors must have set aside their ‘intriguing demands’ and supported millions of Pakistanis in need without wasting time. Alas, their ‘terms and conditions’ are more essential than the needs of millions of hapless people in Pakistan. The more the IMF people delay the resumption of loans to Pakistan, the more time will be wasted in reaching out to deserving people.

IMF and its Harsh Conditions

Also, the harsh conditions of the IMF pertaining to frequent increases in taxes, electricity, gas tariffs, devaluation of the rupee, free-float of the dollar, and a cut in development spending, are some of the bitterest conditions of the International Monetary Fund which have started biting the masses through unending waves of price-hikes. Analysts believe that the annual inflation which is around 31 percent at this time, will shoot up to around 60 percent. In other words, inflation will take away 60 percent of the incomes of the masses, leaving them with 40 percent to survive.

Senator Raza Rabbani Questions the IMF package

Former chairman of the Senate and incumbent PPP Senator Mian Raza Rabbani issued a press statement on March 6, 2023. In his statement, Mian Raza Rabbani said, “The dragging of the feet by the IMF on signing the agreement and reluctance of friendly countries _ except China, to help sans the IMF, Parliament must be taken into confidence.”

He said that it appears that Pakistan is being softened up to play a role that is against its national and strategic interests.

PPP Senator also said that the people have a right to know if, our nuclear assets are under pressure or if our strategic relationship with China is under threat, or if we are being called up to play role in the region which will facilitate the military presence of an Imperialist power.

These and other questions require a policy statement by the Prime Minister on the floor of a Joint Sitting, he added. Senator also said that the question of the TTP and the increase in terrorism has also found no discussion or briefing from the government. It seems that be it the PTI or present governments want ‘azadi’ (liberty) from Parliament and the Constitution, 1973.

The IMF programme will expire in June 2023

Another matter of concern for Pakistanis is that the current IMF programme will expire in June 2023. After June, once again the people and the government will be in trouble in managing things in an organized manner. Why is the IMF giving tough times to Pakistan and its people just for a few months? Why did IMF not extend the current programme to 2025 and beyond to ensure economic stability in Pakistan? This is a very intriguing aspect and it shows the ‘political ambitions’ of the IMF. The coalition government tried to convince the IMF to extend the ongoing programme to June 2024, but the stooges in the IMF did not consider it because of their political ambitions.

To sum up, the IMF is not a professional multilateral lender at all, it is a remote-control minion of the United States. Though China is also a leading funding country of the IMF, the mission of the heartless people’s life is to please their real masters sitting in Washington.

Javed Mahmood
Written By

I am an experienced writer, analyst, and author. My exposure in English journalism spans more than 28 years. In the past, I have been working with daily The Muslim (Lahore Bureau), daily Business Recorder (Lahore/Islamabad Bureaus), Daily Times, Islamabad, daily The Nation (Lahore and Karachi). With daily The Nation, I have served as Resident Editor, Karachi. Since 2009, I have been working as a Freelance Writer/Editor for American organizations.

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