It’s been a decade since the International Monetary Fund preached its damaging elixir of currency devaluation and tax hikes to Asian nations in financial crisis. As Pakistan’s economy teeters, the IMF is once again on the scene with familiar policy prescriptions. This is no time to recycle past mistakes.
Like Ukraine and Iceland, Pakistan is in [...]
The International Monetary Fund yesterday ordered Pakistan to cut military spending by almost a third as fears grew that the nuclear-armed nation’s economic crisis was now so bad that its role in the war against al-Qa’ida and the Taliban was imperilled.
The secret IMF demand – one of several measures that the bankrupt country is being [...]
Provided by a contributor to Take Back Pakistan
Recent reports in the western media indicate that Pakistan needs as much as $10 billion to avoid an economic meltdown and Pakistan’s foreign currency reserves are:
falling fast and if forward liabilities are included, the real reserves may go down to $3 billion. This cannot meet the import bill of one whole [...]