The issuance of ‘White Paper’ on the state of country’s economy by Pakistan Tehreek-e-Insaf (PTI) seems to have jolted the Pakistan Democratic Movement (PDM) government into action with prime minister Shehbaz Sharif speaking to International Monetary Fund (IMF) managing director Kristalina Georgieva to tell her that his government is very much committed to the IMF programme and the conditionalities that the lender of last resort had set prior to the lending agreement.
In a tweet, the PM has reportedly said, “in a phone call with Managing Director of the IMF yesterday, I told her about the government’s resolve to complete the terms of IMF’s program. I also explained Pakistan’s economic difficulties especially after the devastating floods IMF delegation will come to Pakistan soon”. Unfortunately, however, the PDM government is not coming clean about its approach to the IMF programme.
The populist measures, including a massive agricultural package, taken by it clearly shows that it had reneged on its promise of meeting IMF’s conditionalities in letter and in spirit.
It is increasingly clear that the stalled 9th review is dependent on how the government successfully persuades the Fund by displaying sincerity of purpose through its actions that are wedded to the sanctity of the deal. The PM is expected to win over IMF’s trust without any further loss of time.
Noman Bashir (Karachi)
Copyright Business Recorder, 2023
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