For decades, nuclear nation of Pakistan continues to beg for loans, report says

Amid the release of a new tranche of loans from the International Monetary Fund (IMF), the Pakistani government is facing backlash from civil society over the endless series of loans, according to a report on Thursday.

Public confidence in the government is at an all-time low due to poor financial management and overreliance on foreign funds to run the country, ‘Islam Khabar’ said.

Angry reactions followed a tweet from Pakistani Finance Minister Shaukat Tarin announcing the approval of the 6th tranche of IMF loans.

“I am pleased to announce that the IMF Executive Board has approved the 6th tranche of its program for Pakistan,” Tarin tweeted.

“It is not only surprising but also regrettable that the Minister of Finance, enslaving the nation, was delighted to receive a new tranche from the IMF,” the report noted.

A Pakistani media op-ed pointed out that Pakistan is “probably the only nuclear country whose day-to-day business involves loans, begging for aid and that has been going on for decades.”

The reaction followed the release by the IMF of a billion dollars to Pakistan, subject to fulfilling certain conditions. As a result, fuel prices and electricity tariffs in Pakistan have reached historic highs.

The new funds are part of a $6 billion rescue package. The IMF Executive Board had approved Pakistan’s bailout package on July 3, 2019.

“Pakistan remains vulnerable to possible outbreaks of the pandemic, tighter international financial conditions, heightened geopolitical tensions, as well as a delay in the implementation of structural reforms,” ​​the IMF noted in a statement. a report prepared for the board of directors.

This story was published from a news feed with no text edits. Only the title has been changed.

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