Would it be correct to assume that the IMF was organized in order to provide relief to poor nations experiencing fiscal difficulties? If so, the IMF should not dictate such harsh terms to borrowing countries, which threaten to only worsen their problems and deprive them of income growth.
In the case of Pakistan, raising the rate of interest to 20 per cent and almost doubling the power tariffs, as required by the IMF, will shatter our industry and exports. It will create joblessness in the country and Pakistan will be dependent on more loans to pay back its former debts.
Imtiaz Akhter
Rawalpindi
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