ISLAMABAD: The Pakis­tan Peoples Party (PPP) has called upon the government to disclose details of a ‘secret’ agreement with the Inter­national Monetary Fund (IMF).

The party’s parliamentary leader in Senate Sherry Rehman said the PTI government’s deal with the IMF had been shrouded in secrecy and uncertainty.

She regretted that the parliament had not been taken into confidence while crucial macroeconomic decisions were being undertaken.

“The parliament has been kept in the dark about the harsh conditions the government has 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 the country.

Deplores parliament has not been taken into confidence on macroeconomic decisions

“Struggling to keep their head above the economic water, families have been unable to recover from continuous price bombs being dropped on them by the PTI government. 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 the country before,” the PPP leader said.

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 one per cent elite that is out of touch with 99pc of Pakistan has constructed the deal with the IMF to balance its books, burdening Pakistan with regressive taxes, unaffordable fuel, spiking electricity tariffs and unprecedented gas shortages. Affording basic needs such as food and warmth for the winter has become impossible tasks for the country, it is no wonder that families are struggling to pay for education of their children or afford basic medicine.”

She said the people were right to ask as to who was running Pakistan now.

“From the way the country has been progressing, it is clear that the IMF is running the country by proxy and the government in Islamabad has simply become the figurehead.

“According to new conditions, the State Bank will report directly to IMF headquarters now, instead of the cabinet or the parliament of the country. 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 manner,” she said.

Ms Rehman said there had already been an increase of electricity tax by Rs1.68 per unit, while petroleum tax had been increased and it was now being sold 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 8.75pc which will directly hurt the private sector, especially SMEs,” she said.

Published in Dawn, November 23rd, 2021