Malignant influence

This refers to the news item ‘IMF influence in Pakistan grows’ (Jan 22, 2020). With the appointment of a former deputy division chief of the IMF as deputy governor of the state bank, the IMF’s control over our economy is complete. The IMF has a one point agenda – ensure Pakistan repays loans borrowed from international institutions. This is made certain by higher tariffs on electricity and gas, indirect taxes and high interest rates. The revenues so generated are reserved for debt servicing.

These incoherent policies are adversely impacting the economy by promoting lower productivity, inflation, unemployment and poverty. Agriculture is devastated while manufacturing is sliding. Despite steep devaluation and provision of concessions and facilities, the exports remain stagnant. Revenue collection by the FBR is registering an unprecedented shortfall. I therefore urge the government to shed the malignant influence of the IMF and bring in a team of indigenous and independent economists to manage the nose-diving economy.

Kulsoom Arif

Karachi