'Decades of begging' for loans result in public backlash for Pakistan, reports saytext_fields
In the wake of yet another tranche of loans from the International Monetary Fund (IMF), the Pakistani government is experiencing backlash from civil society, according to a report on Thursday. Public trust in the government has plummeted in the wake of the series of loans.
Shaukat Tarin, Pakistan's Finance Minister, announced Pakistan's approval of the 6th tranche of IMF loans via a tweet. This prompted angry reactions.
"I am pleased to announce that IMF Board has approved 6th tranche of their programme for Pakistan," Tarin tweeted.
"It is not only surprising but also regrettable that the Finance Minister, by enslaving the nation, expressed happiness over the receipt of a new installment from the IMF," the report noted.
A media editorial in Pakistan underlined that Pakistan is "probably the only nuclear country whose daily affairs require loans, begging for aid and this has continued for decades."
After the IMF released USD 1 billion to Pakistan in exchange for fulfilling certain conditions, the country's fuel prices and electricity rates soared to historic highs.
On July 3, 2019, the IMF's Executive Board approved the Pakistan bailout package, which included fresh funds worth USD 6 billion.
"Pakistan remains vulnerable to possible flare-ups of the pandemic, tighter international financial conditions, a rise in geopolitical tensions, as well as delayed implementation of structural reforms," the IMF noted in a staff report prepared for the executive board.