This refers to the article ‘IMF and its discontents’ by Abdul Jalil (January 4). IMF bailouts have been repeatedly used to try to stabilise poor economies, but they seem to create more disaster for the borrowing countries. Pakistan has been a beneficiary of IMF bailouts since 1958. That it has needed a bailout almost every three years proves that the country’s economic woes are far from over.
Successive Pakistanis governments have treated receiving IMF bailouts a success, claiming that such bailouts will help the country flourish. However, in reality that is not true. It Pakistan wants to flourish, it must first resolve its long-standing issues. While giving out undoubtedly huge sums of money, the IMF also begins to dictate the country’s policies. These policies have led to the adoption of strict financial measures, reduced state subsidies and encouraged the privatisation of institutions. Such decisions, while helping pay back the loans, create unemployment, inflation and circular debt. Pakistan should take steps to be self-reliant because only it can overcome its problems – foreign assistance can do only so much.
Syeda Hadia Bakhtawar
Nankana Sahib
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