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India-Pakistan
IMF pressuring Pakistan over loan
2011-01-01
[Iran Press TV] International Monetary fund will not release billions of dollars in loan to Pakistain unless the country undertakes urgent economic reforms, reports say.
But it's jizya! Besides, if they don't hand over the dough, something dreadful will happen. Possibly having to do with terrorism, the way it used to have to do with communism.
Media reports say that the IMF has withheld USD 3.5 billion this year. A report published in The Wall Street Journal on Friday revealed that the move was part of efforts to pressure the country to reform its economy.
It's certainly seems like a reasonable idea...
The global funding body has recently asked Islamabad to take steps to cut its spiraling budget deficit and urged immediate fiscal belt-tightening measures.
They do that only after they can't get money elsewhere, not before...
This is while Pakistain has failed to implement general sales tax reforms and curb spending in line with promises made by the government to the IMF in return for lending.

IMF loans are hugely unpopular in Pakistain as government faces pressure to take tough economic decisions.

Pakistain obtained billions of IMF bail-out loan in late 2008 as country sought to stave off economic meltdown.

President Asif Ali President Ten Percent Zardari
... husband of the late Benazir Bhutto, who showed remarkably little curiosity about who actually done her in ...
 has tried to convince international community and donors to forgo Pak debt and provide more economic aid in exchange for help in the war in neighboring Afghanistan.

The developments come at a time when the Islamabad government is trying to tackle the growing militancy and economic crisis in the country.

Moreover, Pakistain's economic outlook has tanked'>has tanked sharply as a result of the recent floods which affected more than 20 million people.

The agriculture sector, which accounts for 21 percent of Gross Domestic Product and 45 percent of employment, has been hit particularly hard.

Economic experts say Pakistain's state of economy is far worse than previously estimated.
Posted by:Fred

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