Pakistan Parliament needs to be taken into confidence on the dragging of feet by the International Monetary Fund (IMF) on signing the agreement and the reluctance of friendly countries, except China, to help without it, Raza Rabbani, former chairman senate and senator, said in a press statement.
“It appears Pakistan is being softened up to play a role which is against its national and strategic interests,” the statement read.
“The people have a right to know if our nuclear assets are under pressure or is our strategic relationship with China under threat or are we being called up to play role in the region which will facilitate the military presence of an imperialist power? These and other questions require a policy statement by the Prime Minister on the floor of a Joint Sitting,” said the statement.
“The question of the Tehreek-e-Taliban Pakistan (TTP) and increase in terrorism has also found no discussion or briefing from the Government,” wrote Rabbani.
SEEKING SAUDI ARABIA’s CONFIRMATION
Pakistan is eagerly waiting for the USD 1.1 billion tranche of funding from the International Monetary Fund (IMF), which the global lender is refusing unless crucial decisions are made by the government and implemented.
The linked USD 950 million loans from World Bank’s Resilient Institution for Sustainable Economy (RISE-II) and Asian Infrastructure Investment Bank (AIIB) will be approved only if Pakistan secures the IMF bailout, Geo News reported.
Cash-strapped Pakistan is seeking Saudi Arabia’s confirmation for securing additional deposits of USD 2 billion and a USD 950 million loan from the World Bank and the AIIB for signing a Staff-Level Agreement (SLA) with the IMF, media reports said on Monday.
A top government official dealing with the IMF said, “We are hopeful,” when asked about the possibility of getting assurance on deposits from Saudi Arabia and a loan from the World Bank, The News International newspaper reported.
IMF RELUCTANT: THE CHINA FACTOR
The cash-starved country is expecting to strike the much-needed agreement with the global lender within the next few days, another top official said, adding that the Fund was reluctant to give any time frame for the signing of the agreement.
“Pakistan is facing difficulty in its talks with the IMF due to the increased hostility between China and the United States as they have to secure the staff-level agreement (SLA) in a delicate balancing act to steer the economy and diplomacy in such a way that suits Islamabad’s larger interest,” the report said.
Islamabad will receive USD 1.3 billion from China, its all-weather ally, to shore up its fast-depleting forex reserves, Finance Minister Ishaq Dar said last week after Beijing transferred USD 700 to the cash-strapped country in February.
Pakistan is taking various steps on the Fund’s behest for the release of a USD 1.1 billion tranche under the USD 7 billion loan facility, including unveiling a mini-budget for fetching additional tax revenues of Rs 170 billion by raising the GST rate from 17 per cent to 18 per cent.
With PTI Inputs
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