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Pakistani people realize the 'bailout' package conditions of the IMF as ‘hum buggery’!

Thursday - July 25, 2019 11:36 am , Category : BUSINESS
Tax burden to increase even more on Pakistani public
Tax burden to increase even more on Pakistani public

Know why the Pakistani people being disappointed with the IMF?

JULY 25 (WTN) – The economy of India's neighboring country Pakistan is in no way hidden from anyone. It is alleged that since Imran Khan has become the Prime Minister of Pakistan, the economy of Pakistan has been weakening since then. For the past few years, the Pakistani rupee has proved to be the weakest currency in Asia against the US dollar. Amidst all this; the International Monetary Fund (IMF) has given $ 6 billion bailout package to Pakistan. In this way the IMF has supported the sinking economy of Pakistan. But after the bailout package, the Pakistani people are very disappointed with the IMF.

For your information, let you know that this is the 13th bailout package from IMF to Pakistan. During the time of the bailout package agreement, the IMF will review the progress of Pakistan's economy every three months in the 39-month time period. The IMF has given bailout to Pakistan on a very strict condition, which includes a major condition of increasing the tax collection. The IMF believes that by increasing the tax collection, Pakistan will be able to pay foreign debt and also it will increase foreign exchange reserves.

It is sure that the IMF has given bailout packages to Pakistan, but during the tenure of the agreement Pakistan has also asked to pay $ 37.35 billion of foreign debt. In this, the debt of $ 14.68 billion is only from Beijing, most of which is due to the China-Pakistan Economic Corridor (CPC). As we told you that the IMF had given bailout packages to Pakistan only on the main condition of increasing the tax target, after which the Central Board of Revenue had increased the tax collection target from 3.94 trillion Pakistani Rupees to 5.5 trillion this time.

According to the guidelines of the IMF, the Government of Pakistan, submerged in debt, has started increasing the tax collection which has led to an increase in rates of petrol and electricity. It is being said that further petrol and electric prices may be increased next month. Along with increasing the tax collection, the IMF has asked Pakistan to keep the price of its currency in accordance with the free market. For your information, let you know that the value of Pakistani rupees has been reduced by more than half since December 2017. At the same time in April this year, the rate of inflation in Pakistan was 9.4 per cent which could reach up to 13 per cent according to the IMF.

The way Pakistan's Imran Khan Government is increasing the tax burden on the Pakistani people; there is huge resentment among the people of Pakistan. A few days ago, Pakistan's businessmen had made a nationwide strike, and opposed the huge tax imposed by the Imran Khan Government. In addition to the merchants, there is a huge resentment against Imran Khan's Government in the job-seekers.

The people of Pakistan say that paying the tax according to the demand of the IMF is outside the capacity of the people of Pakistan. It is a matter of concern in Pakistan that the IMF has appointed many chief financial officers in Pakistan, and the IMF has put pressure on the Pakistani Government to appoint these officers.
 
The opinions of Pakistan's economists and journalists on the financial condition of Pakistan also differ from the Imran Khan Government of Pakistan. The economists of Pakistan are raising questions on the ways to determine the value of the Pakistani currency by the IMF. According to them, the situation of the currency market in Pakistan is worrisome, and in order to get the currency back it will have to buy rupees from US dollars. But the Imran Khan Government wants to release the rupee free. If this is done, then the rupee will be destroyed within two days.

As you know, the Pakistani Army plays an important role in Pakistan Government. The Pakistani Army’s deciding is very important in the condition and the direction of Pakistan's economy. It has been observed that Pakistan Government is not able to handle the economy, so from time to time Pakistan approaches the IMF for financial assistance. Both the Army and the debt burden are responsible for Pakistan's financial condition. For your information, let you know that about the half of Pakistan's annual budget is spent only in the Army and debt repayment.

In the minds of the people of Pakistan, there is a gradual perception that the IMF wants to fulfill certain geo-political interests from Pakistan. People believe that the bailout package of IMF is like a handcuff for Pakistan's economy. There is also anger among the people that the IMF is not trying to solve Pakistan's problems in any way. Economists say that there is no improvement program in the bailout package of the IMF, but the IMF has made a kind of Pakistan's economy hostage.

Some people have alleged that the IMF is trying to fulfill US interests in Pakistan using the bailout package. This is being said on this basis that a document in the Wiki Leaks of this year was claimed that the US uses the IMF and the World Bank for its regional interests.

It is clear that there is a lot of anger among the people of Pakistan against the IMF. The Pakistani people have alleged that the IMF has made a kind of hostage to Pakistan's economy, and the IMF is serving to American interests. If the people of Pakistan are taxed wildly, then it is possible that the people can revolt there, because there is a lot of poverty in Pakistan and in such a situation, it is out of the capacity of the Pakistani people to pay the tax on the terms of the IMF.