The IMF and the National Economy

The IMF and the National Economy

 Pakistan today is going through the worst economic crisis in its history, but its roots are largely in our past. Proper utilization of national resources and manpower, completion of development projects by keeping non-developmental expenditure as low as possible, improvement of agricultural practices and promotion of modern industries, provision of favorable environment for investment and unrestrained rather than complete control over corruption.

 Dependence on debt to meet expenditures has not provided our economy with any sustainable basis of stability and the main reason for the current negative situation apart from the flood disasters and the Russia-Ukraine conflict is the non-completion of the loan program between the government and the IMF. But Federal Finance Minister Center Ishaq Dar has stated in his broadcast address yesterday that we have completed all the pre-conditions of the ninth review of the loan program of the World Financial Institution, only the confirmation of one billion dollars from a friendly country. Wait, after that all conditions for staff level contract will be fulfilled. He explained that the ongoing negotiations were not about the implementation of the Ninth Review, but the issue of the previous Seventh and Eighth Review was more difficult. However, all the steps have now been completed and as a result, we have completed many preliminary steps including a tax of 170 billion rupees as per their condition. The finance minister expressed hope that if Allah wills, Pakistan will come out of the vortex soon. However, after the implementation of the strictest conditions of the IM, the inflation in the homeland has engulfed the entire society like an apple, which has made life difficult for the vast majority of the country. Therefore, the government should take all possible measures to make at least the basic essentials available to the people.