It’s inevitable that Pakistan would sign the deal with the International Monetary Fund to unlock more than $1 billion, as the government reiterates. But it has fallen short of giving a date.
On Sunday, Shaukat Paracha asked this question to his guest PML-N leader Muhammad Zubair on his show Rubaroo. PTI leader Shah Mahmood Qureshi and Adviser to the PM on Kashmir Affairs and Gilgit Baltistan Qamar Zaman Kaira were also among the guests.
“Since 1960, this is the 23rd IMF programme and this is a world record, which means after every three years you go to the IMF. It means you have gone so many times that IMF is annoyed,” Zubair said as he explained the reasons for the delay in the funding.
The PML-N leader added that the international lender agrees to give the money but asks for improving the economy and bringing structural changes.
When asked about any strict response from the lender, he blamed uncertainty and late decisions. “When [former finance minister] Miftah was there we again entered the IMF programme and we received the last tranche in September. But when Ishaq Dar came, he thought that he could use his experience well and first approach to friendly countries and if money is received then talks with IMF won’t be so strict.”
Unfortunately, Zubair said it did not happen. “We saw that friendly countries’ demands have increased and their patience is running thin. They say you don’t fix your economy.”
Pakistan desperately needs IMF funding to unlock inflows from friendly countries and other donors to steer its economy out of the crisis. The government blames its predecessor, Covid-19, and the Ukraine war for the economy. But many experts also criticise the decisions of the ruling coalition and economic policy.
Pakistan needs $6 billion in new loans to bridge the financing gap, a concern raised by the International Monetary Fund during talks with Pakistan. Saudi Arabia, the United Arab Emirates, and Qatar have not yet given these loans despite repeated requests by Pakistan.
Zubair’s statement comes a couple of hours after Dar’s address at an Iftar dinner in Islamabad where he reiterated that friendly countries were expected to materialise their commitments with Pakistan that would pave the way to close the deal with the IMF and revive the economy.
Completion of such commitments is “the last hurdle” for the country to sign the deal.
Zubair, former Sindh governor, went on to add that the economy should cater to the natural needs – food, education, and transport – of the people.
When asked about the PTI chief Imran Khan’s recovery roadmap, he described it as “rhetoric” and said it was not presented after discussions with economy experts. To a certain extent, Zubair agreed with Khan on the criticism of the soaring inflation, which stands at over 30%.
According to Zubair, his party’s strategy would be depending on the Supreme Court hearing on the PTI’s petition against the ECP decision to delay the Punjab elections from April 30 to October 8.
He revealed that PML-N supremo Nawaz Sharif was clear in his view to not run the government after the success of the no-trust vote against former premier Imran and that assemblies should be dissolved. He described former army chief General Qamar Javed Bajwa’s statements on dissolving assemblies in May 2021 as “right”, blaming Khan for sabotaging the plan by starting the long march.
PTI leader Shah Mahmood Qureshi said his party was ready to sit with the government to talk about the fresh mandate. He blamed the ruling coalition for not sending any delegation, invitation or terms of reference to start the process.
Earlier, the PTI chief tweeted that he was ready to talk with anyone for the sake of the country.
Qureshi, the former foreign minister, was of the view that Khan’s speech presented a way forward to improve the economy through governance, economic restructuring, broadening the tax base, checking the elite’s money laundering, boosting exports, focusing on small and medium enterprises, and increasing agriculture productivity.
He added that his party’s letters to European envoys and appeal to the international leaders were its “right” to present their views to the world. He claimed that political parties in the past have also been lobbying to present raise their issues.
The PTI leader went on to add that President Arif Alvi wrote the letter to PM Shehbaz by using the Constitution. Alvi has raised an issue.
When asked about the April 30 date for the election in Punjab, he said it was not possible to run away from elections.
“But, if you want to violate it [Constitution] then the sky is the limit,” Qureshi added. He said Article 220 (executive authorities to assist Commission, etc) of the Constitution was very clear.
“It allows ECP if the federation does not support them then they can exercise powers under Article 220. They have the SC ruling and can approach them for guidance,” he said and expressed hope the top court would hear them out.
The PTI and its chairman sabotage the country’s security, economic, and foreign policies in order to get popularity, Adviser to the PM on Kashmir Affairs and Gilgit Baltistan Qamar Zaman Kaira said.
“Were the assemblies dissolved under any rule? Even today, Parvez Elahi says that Khan Sahib would suffer again for what he will do now,” the PM’s adviser said.
He stressed the need for completing the census first and then going for elections simultaneously in order to avoid any controversy by just organising it in two provinces.
