IMF TRAPS PAKISTAN
ISLAMABAD : The International Monetary Fund (IMF) has tactfully trapped Pakistan and pushed its economy into an adverse currency crisis, said Murtaza Mughal, president of the Pakistan Economy Watch (PEW) on Thursday.
Therefore, soon after the package was approved, the freefall of Pakistani rupee kick started, touching the lowest day by day, he said.
“Local currency is being destroyed deliberately on the command of IMF and the negotiating team of the international lender trapped Pakistani officials during face-to-face negotiations,” he said.
President Pakistan Economy Watch said IMF staff knew that Pakistanis were highly unlikely to walk out of the talks even if the vital national interests were to be compromised, he added.
Rupee’s plunge puts a question mark on the competencies of economic managers, he said.
Mughal further said the failure of economic managers and State Bank will hit remittances and give a new life to the illegal business of Hawala and Hundi.
It will hurt Forex reserves, augment loans, trigger unemployment and deteriorate law and order situation that will push millions of unemployed towards terrorism and crime, he observed.
The devalued currency is hitching up cost of living and production – which is leaving masses in the lurch.
It has dented the confidence of masses and business community while hurting the popularity of the party – which claims to be promoting pro-business policies, Mughal said.
He said Pakistan imports fossil fuel and edible oil worth $18 billion a year, which will be enough to make life of dejected masses more miserable.