Islamabad / Washington7 hours ago
Debt-ridden Pakistan’s last hope seems to be gone. The International Monetary Fund (IMF) has denied a $ 6 billion loan to Pakistan. In addition, the IMF has made it clear that the first tranche of $ 1 billion will not be paid to Pakistan. Negotiations between the IMF and Pakistan’s finance minister in Washington have failed. All the major media houses in Pakistan have confirmed this. However, the Imran Khan government has not yet released any official statement.
Pakistan is under a lot of pressure
The Express Tribune said in a statement on Sunday that the 11-day-long talks between US Treasury Secretary Shak Tarek’s group and the IMF had not yet borne fruit. The meeting then formally concluded. The meeting began on October 4 and lasted until October 15.
During Shakht’s stay in Washington, the Pakistani government again raised tariffs on electricity and petroleum products, the report said. However, the IMF group has been pushing for an increase in tax collection.
The IMF continues to urge the Government of Pakistan to increase tax collection, but the Government of Pakistan cannot comply with this condition. Sajid Tarat, a businessman of Pakistani descent living in the United States, told journalist Alia Shah that Imran could not increase tax collection. This is because every big businessman in the country is corrupt and he is a part of Imran’s regime. Even if Imran tries, the government will be overthrown in a few minutes. That is why the poor man is being targeted by increasing the prices of electricity and petroleum.
There will be more talks
According to sources, further talks will be held between the Government of Pakistan and the IMF. However, no timeline or agenda has been set for this. The finance minister will return to Pakistan and there will be lengthy discussions again. Only then can a conclusion be reached.
The IMF says the policies of the Imran government will not increase tax collection or benefit the economy. In such a scenario, the country’s economy is on the verge of destruction. Now he doesn’t even get guarantees. After Saudi Arabia, China also refused to give credit guarantees.
Four months and two failures
In four months, there have been two rounds of talks between the Pakistani government and the International Monetary Fund, both of which have failed. The first time this conversation took place was in June. Even then, the Pakistani government raised electricity tariffs but did not respond to tax collections.
Imran’s problem is that now the meeting of the Financial Action Task Force is about to take place soon. Its date has not yet been decided. If the IMF does not lend and even the FATF tightens the noose, the country is sure to go bankrupt. However, Pakistan is one of the top 10 countries in the world with the highest foreign debt.
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