It’s not just that Imran Khan really believed that his letter to the IMF (International Monetary Fund) could make the lender reconsider engagement with the government of Pakistan – because that is not how IFIs (international financial institutions) function – it is, rather, that his choice of tactics still betrayed the hubris that landed him and his party in all this trouble in the first place.
Quite clearly, he still believes that the house should be burnt down if he is not going to be given the keys. Worse still, the same old trend of his fanatic followers taking everything he says as the gospel truth, with nobody close to him daring to advise people-friendly caution, still seems pretty strong.
Let there be no mistake. Pakistan must pay back about $27.47 billion by November 2024, according to the State Bank of Pakistan (SBP), and something like $75-85b in the next couple of fiscal years.
And without an active IMF programme those payments will not be rolled over, which means certain default; and the hyperinflation, massive unemployment, even rioting and crime that will surely follow. So, is it that the leader of the country’s most popular party, that also emerged ahead in the Feb 8 election, is unaware of this reality? Or, more frighteningly, is it that he doesn’t care about the lot of the people, most of whom are his followers, if the election result is not changed? It is about time Imran Khan, arguably the most popular political leader in the country, revisited his approach to politics.
Last but not least, though I am perhaps one of his strong detractors, I admire him a lot for his easy demeanor and integrity.
Sanaullah Mirza (Karachi)
Copyright Business Recorder, 2024
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