M. Fazal Elahi
“Issues a statement that is completely in contravention of its spelled out mandate”. The real face of the International Monetary Fund (IMF) stands completely unveiled. This has happened after the multilateral donor agency – IMF issued a grossly political statement on May 31/23. The Fund has sparked a new debate by commenting on the political instability in crisis-hit Pakistan. The IMF mission chief in Pakistan, Nathan Porter termed “political stability indispensable for economic stability’. The referenced statement of the IMF conspicuously reflects its covert political agenda. If this thinking is to be proven wrong, the august international lending institution (IMF) will have to retract its political statement, vis-à-vis Pakistan, forthwith. Promptly responding to IMF mission chief’s statement, Pakistan’s Minister of State for Finance, Aisha Ghaus Pasha termed it as interference in Pakistan’s internal affairs. Dr. Pasha unequivocally said interference in Pakistan’s internal affairs is not the mandate of the IMF, adding that the government was acting in accordance with the law. However, while voicing her concern over the matter, she duly acknowledged that delay in the loan program is not in the interest of cash- trapped Pakistan, which badly needs funds to avert a debt default. She also expressed the hope that the Staff-Level Agreement (SLA) will be inked before the upcoming budget of the country. MY PERSONAL OPINION VIS-A’-VIS THE ISSUE IN QUESTION: The International Monetary Fund (IMF) shouldn’t issue statements that could justifiably be considered as interference in the internal affairs of Pakistan. To save the Fund from getting involved in unnecessary controversies, it shouldn’t deviate from its mandate underany circumstances. It should rather abide by its primary mandate of helping the cash-trapped world nations, in letter and spirit. Pakistan’s Minister of State for Finance Dr. Pasha has rightly stated that Pakistan is fully cognizant of its prevailing economic predicaments. In view of the foregoing, I would urge the Fund’s managers not to twist the arms of Pakistan for attaining its covert objectives. Instead, sincerely endeavor to steer Pakistan out of its current gargantuan economic predicaments by expeditiously inking the long-overdue Staff-Level Agreement (SLA).
