The Pakistan Economy Watch (PEW said that local currency is being destroyed deliberately on the command of IMF.
The negotiating team of the international lender trapped Pakistani officials during face-to-face negotiations which pushed country into a severe currency crisis.
IMF team that carefully laid this trap knew that Pakistanis are highly unlikely to walk out of the talks even if the vital national interests were to be compromised, said Dr. Murtaza Mughal, President PEW.
Rupee has shed over nine percent in value against major currencies, especially USD since PML-N formed government which speaks of the competence of their economic managers, he said.
Dr. Murtaza Mughal said that the situation has dented the confidence of masses and the business community while it is hurting the popularity of the party which claims to be promoting pro-business policies.
He said that situation has not only exposed the viability of the claims of Governor SBP and Finance Minister but it has pushed up the cost of living and cost of production which is leaving masses in a lurch and ensuring the retreat of locally manufactured products from the international markets.
The situation will hurt forex reserves, augment loans, trigger unemployment and deteriorate law and order situation which will push millions of unemployed to indulge in terrorism, crimes or suicides.
In a situation when the economy is treading on path of destruction, the Governor SBP and Finance Ministers are enjoying foreign trips while finance ministry officials have embarked upon a never-ending round of useless meetings, he noted.
He said that IMF released only 540 million dollars as a first tranche, pushing our managers to take a 625 million dollar loan from commercial banks thereby worsened the situation.
On the other hand, the IMF is so happy with their success that they are not leaving any opportunity to praise the ‘reforms’ of incumbent government.
Ends/Online
The first thing to do before you destroy a country is to destroy its currency. That brings everything to a crashing halt.
the IMF is the yet another tool of US control and our weak minded and greedy leaders are ever willing to bow to the IMF
Mr.Ishaq Dar is very incompetent for ministry of finance. PML(N) never have good finance minister. In past they introduce Mr. Sartaj Aziz as finance minister who blocked all foreign cuurency accounts. They may be good businessmen but not good for nation.
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