IMF Costs Pakistan More Than 9/11
Former Economic Adviser to the Ministry of Finance Dr. Ashfaque Hassan Khan has asserted that IMF policies have cost Pakistan around $148 billion over a five-year period, more than the US so-called war on terror.
Former Economic Adviser to the Ministry of Finance Dr. Ashfaque Hassan Khan has asserted that IMF policies have cost Pakistan around $148 billion over a five-year period, more than the US so-called war on terror.
Article outline
- What happened
- The key numbers
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Key points
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- While the economic cost associated with the policies was far larger, he remarked Pakistan received only around $6-7 billion in IMF loans during the period.
- Ashfaque remarked inflation originating from the supply side cannot be effectively addressed through higher interest rates.
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Speaking to a private news channel, Ashfaque responded to some particularly sensitive economic questions that the estimated loss was higher than the $130 billion economic cost Pakistan incurred during 13 years of the US coalition's War on Terror.
While the economic cost associated with the policies was far larger, he remarked Pakistan received only around $6-7 billion in IMF loans during the period. IMF Wants Market-Based Rupee, Higher SBP Rate.
Ashfaque additionally criticized the current interest rate policy, saying the State Bank of Pakistan's policy rate of around 11.5 percent is not the appropriate tool for dealing with the current sources of inflation.
He remarked the recent inflationary pressure is largely coming from higher fuel and food costs rather than excessive demand.
He specifically pointed to rising wheat and other food rates, higher fuel costs and the addition of Rs. 80 per litre in petroleum levy.
Ashfaque remarked inflation originating from the supply side cannot be effectively addressed through higher interest rates. He remarked monetary tightening is designed primarily to control demand. Stay Connected with ProPakistani.
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For now, IMF Costs Pakistan More Than 9/11 remains the part of the story worth watching, and further updates are likely as more details are confirmed.
