Sherry Rehman slams government over IMF deal

Islamabad: Parliamentary Leader of the PPP in the Senate, Senator Sherry Rehman said, “The PTI Government’s dealings with the IMF have been shrouded in opacity and uncertainty. Pakistan’s Parliament has not been taken into confidence while crucial macroeconomic decisions that may change the country’s trajectory are being undertaken. Parliament was kept in the dark about the scale and harsh magnitude of the prior conditions that the Government had agreed to with the IMF. It is no longer shocking that the Government is celebrating the deal with the IMF, because it has become tone deaf to the Pakistani street, but it has conveniently buried the terms of hard conditions that will be transferred to the people of Pakistan.

Struggling to keep their head above the economic water, families have been unable to recover from the continuous price bombs dropped on them by the PTI. Now, this latest deal with the IMF has left the entire nation with severe financial and economic whiplash. This level of indebtedness, profligacy and burden of prices on each household has never been seen in Pakistan before.”

Condemning the newly announced mini-budget, she said “The new mini-budget imposed on the people of Pakistan will exacerbate the impoverishment levels in the country. It is clear now that the 1% elite that is out of touch with 99 % of Pakistan has constructed the deals with the IMF to balance its books ,burdening the Pakistan with regressive taxes, unaffordable fuel, spiking electricity tariffs and unprecedented gas shortages. Affording basic needs such as food and warmth for the winter have become impossible tasks for the country, it is no wonder that families are struggling to pay for an education for their children or afford basic medicine.”

“People are right to ask: who is running Pakistan now?” Questioned the Senator, “From the way the country has been progressing, it is clear that the IMF is running the country by proxy, the government in Islamabad have simply become figureheads. According to the new conditions, The State Bank will report directly to IMF headquarters now, instead of the Cabinet or the Parliament of Pakistan. This re-colonisation of Pakistan is unacceptable to us. We paid a heavy price for our freedom. Yes, we ran many IMF programmes before but never in this shameful tutelage.”

Rehman continued saying “There has already been an increase of electricity tariff by Rs 1.68 per unit, while petroleum levy has been increased by Rs4 and it now at Rs9.62 per litre, the price of petrol skyrockets every fortnight and is currently at Rs145.82 per litre. To further exacerbate the economy, the interest rate has been increased by 150 bps and is now at a whopping 8.75% which will directly hurt the private sector, especially SMEs. Pakistan’s economy is on the ventilator due to PTI’s disastrous economic policies. It is shocking that it took almost two years for PTIMF to come to this catastrophic verdict without a single consultation with Parliament.”

Concluding her statement, the Senator said, “ The dangerous legacy this government will leave behind is a perilous level of impoverishment Amex debt amassed during its tenure. There has been a 60% increase in external debt in the last three years – more than an alarming Rs13 billion borrowed daily! Naya Pakistan has just become a playground for the PTI to make decisions that benefit only themselves and their cronies.”