Former chairman of Senate Mian Raza Rabbani has said that it will be “disastrous” if Pakistan approaches the International Monetary Fund to seek another bailout.
Speaking to reporters on Monday, the PPP stalwart claimed that the statement by US Secretary of State Mike Pompeo opposing an IMF programme for Pakistan had shown that the Fund is an “instrument of imperialist powers”.“The imperialist powers want to use IMF and other institutions [for their interest],” he claimed.
Rabbani alleged that it was the agenda of the US to have conflicts prevail in this region and make Pakistan play a certain role.
Referring to Finance Minister Shamshad Akhtar’s suggestion that Pakistan might have to approach the IMF after the new government is installed, he claimed that if the caretaker finance minister has prepared an IMF package for the country, “she has exceeded her legal mandate”.
He said even if the new government plans on going to the IMF, the issue should be debated in the parliament first.
Pakistan is on the verge of a balance-of-payments crisis, which threatens the stability of its currency and its ability to repay debts or pay for imports.
The country has gone to the IMF repeatedly since the late 1980s. The last time was in 2013, when Islamabad got a $6.6 billion loan to tackle a similar crisis.