KARACHI: IMF is main culprit in destabilizing economy of Pakistan for last year. It has lingered on bailout package to be applied for, soon after installation of PDM government. Its undue and unethical conditionalities have not only increased prices of petroleum products, gas, electricity, transportation cost and devaluation of currency, affecting GDP and unemployment by destroying industrial base and economic activities in country that resulted in political unrest and accelerated judicial activism. It was disclosed by businessmen community representatives while talking to ‘National Courier’.

They endorsed statement of State Minister for Finance and Revenue Dr Aisha Ghaus Pasha yesterday who censured International Monetary Fund over its “Interference” in Pakistan’s internal matters, day after comments passed by top official of international lender. She described terming IMF Mission Chief for Pakistan Nathan Porter’s statement regarding political situation in country as “Extraordinary”. Pakistan’s conduct was in line with law, she said.

According to analysts, country is passing through last leg of “Arab Spring” which was initiated by Western powers for destroying political and economic growth of Muslim countries. Hence, they were amazed at how and why Pakistan was saved from default. IMF and World Bank have compelled Pakistan to enforce 21 percent interest rate which is highest in world even though Sri Lanka does not have this much. Who will do business on such terms in world? This is technique that will push us toward bankruptcy. According to one estimate every day more than 50 million dollars are being shifted out of country through various sources over last six months.   

Business analysts slated why government was begging for just $ 1.1 billion from IMF when it has capacity to collect many times more than this amount for rehabilitation of economy. They suggested announcing one-time limited amnesty scheme to collect dollars from internal sources, sell industrial lands and allow exchange of cryptocurrency for people in Pakistan. Within very short span of time government may collect more than 25 billion dollars, they estimated. We have 18 thousand acres of industrial land at Port Muhammad bin Qasim industrial zone of the steel mills. You don’t need more than 200 acres but higher side may retain one thousand acres for establishment of steel mill while remaining land sale could earn large sums for resolving government’s economic problems, they said. By announcing seizure of bank lockers government may compel hoarders of gold and dollars to declare their stocks whether it is legal or illegal and they should deposit with government for one year at least. In this way, government could get more than $ 10 billion and get rid of IMF’s undue obligations. Another suggestion is to break cartelization system in country whether it is coal, cement, sugar, iron and steel, automobiles and all other commodities. Through this system, higher prices of products could be brought down amazingly. Competition Commission should get daily international prices of all such commodities and by adding ten to fifteen percent profit for locals it should announce daily prices of items.

Published in The Daily National Courier, June, 05 2023

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