A Prolonged user: Can Pakistan bid goodbye to IMF?
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2016-10-16 08:39:22

A Prolonged user: Can Pakistan bid goodbye to IMF?

 

The IMF’s Mission Chief Herald Finger said on Thursday that Pakistan could manage its external obligations in the wake of rebound of oil prices in international market and CPEC related repayments if Islamabad continues its motion on reform path even after completion of Fund sponsored 6.15 billion dollar program. The IMF’s released staff report on Thursday also assessed that the real effective exchange rate (Reer) in case Pakistani rupee stands at Rs 118 against US dollar. Currently, the existing exchange rate in Pakistan is hovering around Rs104-105 against US dollar in inter- bank and open markets. The economy has been stabilised, but indebtedness has grown. This is not an end-state to be happy about. At the end of the day, it is important to realise that the IMF cannot want reform in Pakistan more than the authorities themselves do. If there is a deep and widespread inability and unwillingness to reform the state and its relationship with the institutions and stakeholders of the economy, then that stasis cannot change from external inducement. Pakistan has historically used the IMF as an ATM machine, drawing resources and walking away, and that pattern has not changed materially. This has been made possible by a stasis in the political economy at home, coupled with a geopolitical imperative from abroad, where the great powers do not wish to unplug the country from global markets for fear of the consequences this could have for Pakistan’s stability. The programme may have ended, but its history and the endless cycles of Fund programmes are likely to be repeated.

 

pk.shafaqna.com

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Tags:   pakistan ، Ishaq Dar ، IMF ،
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