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The World Bank discloses Pakistan's financial management's reality’!

Saturday - July 27, 2019 11:41 am , Category : WTN SPECIAL
The World Bank reports on economic mismanagement of poor Pakistan
The World Bank reports on economic mismanagement of poor Pakistan

Pakistan Government's budget lost its 'credibility'!

JULY 27 (WTN) - Ever since Imran Khan has become the Prime Minister of Pakistan, neither Pakistan nor Imran Khan is facing good days. As you know, Pakistan's economy is going through on its worst phase these days. Pakistan's economy is on the verge of being ruined due to rupees’ being weakest against the US dollar, decline in the exports and other economic reasons. It is a fact that Pakistan had to take a bailout package from the International Monetary Fund (IMF) on the tough financial conditions.

The IMF has given a bailout package to Pakistan on very stringent conditions. These conditions include increasing the electricity rates in Pakistan, increasing tax collection and many other conditions. Due to these conditions, already poor people of Pakistan are facing wildly rising inflation. The IMF has a condition that the bailout package to be given to Pakistan in installments will be reviewed in fixed time-interval. It will be seen whether Pakistan is making economic reforms on its terms or not, and what kind of economic management of Pakistan is in this review.

But before the IMF reviewed Pakistan's economic situation, a draft report from the World Bank has disclosed Pakistan's economic management policy. According to the information, in World Bank's draft report, there has been a significant decline in the ranking of Pakistan in all 31 parameters of economic management. For your information, let you know that after the evaluation of the World Bank, the Government of Pakistan has lost its credibility, because the World Bank has described the economic management of the Pakistan Government as a complete failure.

For your information, let you know that the World Bank has made public the final draft prepared by 'Public Expenditure and Financial Responsibility' (PEFA) in June with Pakistan's Finance Ministry. In this important economic report, the budget and economic management of Pakistan have been assessed during the financial year 2015-16 to 2017-18. According to the report, the Finance Ministry of Pakistan made serious financial violations and did not pay any attention to that in the time of under review.

In fact, it is alleged that Pakistan was pressurizing to soften its report on the World Bank. But pressure on the World Bank could not come to an end, because the World Bank has finalized its report. In fact, the World Bank has shown a mirror to Pakistan, which is wasting its economic power to spread terror in India, that how bad and unconvincing its financial management is.

According to the World Bank report, the Pakistan Government could not maintain budget discipline while the Government also lacked transparency. The World Bank report says that Pakistan's performance on all signs of financial management, including financial operations, has been disappointing. It has been said in the report that there has been a decrease in financial discipline in Pakistan, while Pakistan's position in the tax collection is disappointing. Not only this, there has been a considerable lack of transparency in the revenue administration. For all these reasons, Pakistan has got the worst grade 'D' on the credibility of the budget.

It is evident from the World Bank report that financial management in Pakistan is the worst at this time. Financial management is also an important condition in one the conditions that the IMF has given a bailout package to Pakistan. But the World Bank report is telling the truth of Pakistan's financial management. Now it has to be seen how much Pakistan can suffice on the stringent conditions of the IMF. That's why, because if Pakistan can’t implement the IMF's terms properly, then the IMF can have a tough stance on the remaining installments of its bailout package. Well, if Pakistan gets a break from spreading terror in India, then Pakistan can pay attention to economic conditions.