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Pakistan is currently crying out for economic crisis. China, which pretends to be a mentor and sympathizer, has distanced itself from Pakistan. To save himself from being a defaulter and to get financial help from the IMF, the Shahbaz government is going to explode tax bombs on its people. Meanwhile, Pakistan’s former Finance Minister Miftah Ismail has deflated the Shehbaz government by saying that IMF loan alone will not work. According to Dawn, he said that due to the continuous decline in foreign exchange reserves, Pakistan would need to take several loans in June. Not only the IMF, the World Bank and the Asian Development Banks will also have to beg. Only then something will be done, otherwise the situation of the country is bound to get worse.
According to Pakistani News Dawn, Pakistan’s former Finance Minister Miftah Ismail said, “When this program (IMF) ends in June, we will not have more than $10 billion in foreign exchange reserves, if so we will have about one and a half months.” As a result, the country will have to approach the World Bank and the Asian Development Bank for fresh loans, which will require it to enter another IMF programme.”
He further said that we will have to do this in order to repay the loan in the near future. I am quite sure that we will need back-to-back IMF programmes.
Calling IMF the last resort, Ismail said this is the moment to avoid going to the ICU. “If you want to avoid going to ICU, you have to start leading a healthy life. Once we start living within our means and start using our own resources, we can avoid going to the IMF.”
Significantly, Pakistan, which is facing economic crisis, is ready to accept every condition of the IMF. Despite this, he has not got any guarantee of getting the loan. Pakistan’s Finance Minister Ishaq Dar on Friday even announced to explode tax bombs on his people to get loan from IMF. The Pakistani government has imposed a heavy tax of Rs 170 billion on the people who are facing skyrocketing inflation. Shahbaz government will collect this tax within 4 months.
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