IMF prescription recipe for disaster: Altaf


Ruling elite is hell determined to carry the begging bowl before the door of International Monetary Fund (IMF) for which the caretaker government has already paved way by heavy depreciation of the rupee.
However, like the previous IMF loans, yet another bailout of this international lender would be a sure recipe for disaster for Pakistan and Pakistanis, said Pasban e Pakistan President Altaf Shakoor here Saturday.
In a statement, he said the IMF assistance is a proven way to discourage the economies of developing nations. He said no any developing country of the world has ever attained financial and economic freedom with the help of IMF loans. Pakistan is amongst the most affected countries of the world, whose thriving economy was stopped and reserved thanks to the IMF programs.
He said ever-growing foreign loans, their neck-breaking interests and falling economy are the direct outcomes of these loan programs.Quoting leading economist Dr Shahida Wazarat, he said before entry of IMF in Pakistan, this country was relatively a prosperous nation before the decade of 1990s.
He said after 1990 when democratic government came to Pakistan, they directly were trapped into IMF loans and the result is a continuous economic degradation of this nation. He said before 1990 Pakistan was able to run its economy without budgetary support of IMF, but the so-called democratic governments played an anti-nation role to push this country to the economic slavery of international monetary players like the IMF.
Altaf Shakoor said the government could also go to alternatives without going for IMF borrowing. He said we should learn from the experience of Malaysia and Turkey and grow local economy without foreign loans. He said we should grow bilateral trade with regional countries, especially the neighbors.
He said the Pakistan has the most liberal foreign exchange regime in the world for outflow of money from this country. Last year some $10bn were sent abroad through legal channels only and this year it is expected that $15bn would be sent abroad from Pakistan through legal channels. —NNI

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