Pakistan IMF Loan: Pakistan is getting ruined, is this the time to find out our flaws?

Islamabad : Pakistan’s Foreign Minister Bilawal Bhutto Zardari has said that his country is facing a variety of challenges ranging from economic crisis to the situation arising out of devastating floods and a wave of terrorism in Afghanistan after the Taliban seized power. involves lifting the head from Bilawal, the 34-year-old son of former Pakistan Prime Minister Benazir Bhutto, said in an interview to the American news agency ‘Associated Press’ on Thursday that his country, like other countries, has been a victim of ‘hyper-partisan’ and ‘hyper-polarized politics’. .

Discussing his cash-strapped country’s need for economic aid, he criticized the International Monetary Fund (IMF) which last month deferred a $6 billion bailout package because Pakistan did not meet the conditions under a 2019 agreement. had failed to complete. The government has blamed former Prime Minister Imran Khan, who is now the leader of the opposition. According to government officials, the IMF has given new instructions to Pakistan to increase taxes, collect revenue and reduce subsidies so that the burden does not fall on the poor.

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‘Is this the right time to find our shortcomings?’

Zardari said that his party supports expanding revenue collection and believes that those who are affluent should pay more taxes, but noted that Pakistan had been unable to achieve structural tax reform for the last 23 IMF programs. Is. “Is this the right time to find loopholes in our tax policy and tax collection when we are facing climate catastrophe at this stage,” he said. Zardari said the IMF’s approach has not been fair to Pakistan, as his country is grappling with one million new refugees following the withdrawal of Western forces from Afghanistan and “the activities of terrorism have increased in our country”.

Pakistan caught in the whirlwind of crises

He said Pakistan has been able to manage economic difficulties despite the COVID-19 pandemic, the Taliban taking over power in Afghanistan in August 2021, inflation and supply chain disruptions. But last year’s devastating floods killed 1,739 people, destroyed two million homes and caused $30 billion in damage, making it ‘the biggest, most devastating climate catastrophe we’ve ever faced.’ Zardari also said that his country was facing many challenges with its neighbours.

Bilawal praised Chinese help

He highlighted several bilateral issues with India, decades of conflict in Afghanistan as well as sanctions on Iran that hinder his country’s trade with it. He said that Pakistan has “very good economic relations with our neighbor China which is obviously in focus because of geopolitical developments”. Zardari said the government was “very grateful” to Beijing for once again announcing a $1.3 billion line of credit on March 3. He said, ‘The Chinese government has helped Pakistan, be it by paying off loans or by providing financial assistance in any other way. We need help from wherever we can get it.