Islamabad, July 11: The International Monetary Funds (IMF) has on Thursday lashed out at the Pakistan Tehreek-i-insaf led by ruling Prime Minister Imran Khan for not adopting necessary policies to improve the economic crisis which the nation is facing.
According to ANI news reports, the IMF has blamed the ruling PTI government for huge delays and unsatisfactory action for its correction.
The IMF noted, “Similarly, fiscal slippage in the first half of the fiscal year have been significant despite the adoption of two budget amendment. Finally, increases in power and gas tariffs have not been sufficient to stem the accumulation of quasi-fiscal losses.”
It has made these statements in a staff report on $6 billion bailout package to Islamabad, which was approved earlier this week by the IMF executive board.
The agency has blamed the PML-N government for the unbalanced policies, as well as, unfinished reforms.
The report said, “Misaligned economic policies, including large-fiscal deficits, loses monetary policy, and defence of an overvalued exchange rate, fuelled consumption and short-term growth in recent years, but steadily eroded macroeconomic buffers, increased external and public debt, and depleted international reserves.”
It also underlined the dull structural progress continued to hinder investment and permitted “inefficient state-owned entities (SOEs) to linger and a large informal economy to expand”.
IMF spokesperson Gerry Rice tweeted, “IMF Executive Board approved today a three-year US$6 billion loan to support Pakistan’s economic plan, which aims to return sustainable growth to the country’s and improve the standards of living.”
IMF Executive Board approved today a three-year US$6 billion loan to support #Pakistan’s economic plan, which aims to return sustainable growth to the country’s economy and improve the standards of living. pic.twitter.com/HCAMr1KWfK
— Gerry Rice (@IMFSpokesperson) July 3, 2019
Asian Development Bank has announced its plans to grant USD 10 billion to Pakistan for several development programs for the next five years.