IMF applause: Why Pakistan has no reason to rejoice?
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2016-10-30 04:32:21

IMF applause: Why Pakistan has no reason to rejoice?

 

 

International Monetary Fund’s president, Christine Lagarde, who is recently on a visit to Pakistan, said that the country’s perception on corruption was hurting growth. She was speaking as a keynote speaker at a seminar on “Pakistan and Emerging Markets in the World’s Economy.” She was the first head of IMF to visit Pakistan after the passage of 10 years. She stated that Pakistan’s public debt was high and with corruption being endemic, the country needed a three-pronged strategy to arrest this slide. Previously she facilitated the government for successfully completing the $6.1 billion three year IMF program for bailing out the Pakistani economy, which faced the threat of defaulting on its payments in 2013. IMF Chief Christine Lagarde reminded Dar that the perception of corruption discourages private investment and impedes efforts aimed at promoting sustainable and inclusive growth. She underlined that Pakistan’s public debt remains high at about Rs19 trillion or 65% of GDP. Lagarde also pointed out that the MLN government was only collecting little more than half of the estimated revenues. According to Lagarde, serious efforts had to be made to bring more people into the tax net. A day after a similar theme was taken up by ADB President Takehiko Nakao. He said Pakistan needs to address issues of corruption, tax avoidance and money-laundering to improve governance. Nakao underlined the importance of good governance which he said required addressing issues of corruption, tax avoidance and money laundering, The issues have been underlined by national media as well as by the opposition. The government needs to realise that by remaining in a perpetual state of denial it can only discourage foreign investors and force local entrepreneurs to take investments abroad.

 

pk.shafaqna.com

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