Stories about IMF

Imran-Trump meeting: A step in the right direction on the million-mile journey

Here’s the good news – Imran Khan and Donald Trump’s face-to-face meeting was cordial, to say the least. There was no bromance or physical gestures of affection, which Imran’s Indian counterpart is known for, but all in all, not a bad first step towards normalising relations between the two countries. Considering what happened in November last year – i.e. the Twitter fireworks that essentially tore apart any hope or chances of rapprochement or reconciliation – other than showing a few signs of nervousness, Imran handled the most unpredictable character ever to grace the halls of the White House pretty ...

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Given the recent spat and strained relations, how will the Imran-Trump meet unfold?

Hoping to assuage strained bilateral relations between the United States (US) and Pakistan, Prime Minister Imran Khan’s visit to Washington later this month has been met with enthusiasm from both sides. Despite the initial confusion regarding the visit, the official White House statement highlighted that the focus of Imran’s maiden visit will be on ‘strengthening cooperation’ in pursuit of regional security and peace; its vagueness unsurprisingly echoing previous visits by Pakistan’s premiers. What will undoubtedly be of interest is the sight of Imran and President Donald Trump finally coming face to face after their tense exchange on Twitter last ...

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Is increasing the retirement age a good idea?

Due to its current inefficient governance, Pakistan is currently facing issues on all fronts and unfortunately, the problems are expected to worsen in the near future. Because Pakistan didn’t have enough problems already, a new problem of pension payments has surfaced. The government is currently struggling to process pension payments to its retired employees or their families in a timely manner. Many factors contribute to this issue, including presence of ghost employees in various departments. If drastic measures are not taken to eradicate the concerned problem on immediate basis, it will certainly worsen the country’s economic woes in the near future. One major hiccup is that in some ...

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Budget2019-20: Is PTI’s budget for the people, the IMF or the country?

If there is one day when the entire nation has its eyes glued to the screen – apart from the elections or a Pakistan-India cricket match – that has to be the day the budget is announced. From the common man to industrialists, all pin their hopes on the government to see which direction the drivers of our economy are taking the nation. This time the government had a choice – either please the masses or please the International Monetary Fund (IMF). Of course, ultimately, the government is choice-less. To put things into perspective, never has the government been ...

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22 loans in 61 years: Pakistan’s unwavering habit of going to the IMF

If we take a look at Pakistan’s history of borrowing from the International Monetary Fund (IMF), some interesting facts come to light. Pakistan’s history of knocking upon the IMF’s door started back in 1958, when General Ayub Khan first took the country to the IMF route and signed an agreement to secure special drawing rights (SDR) 25 million under a Standby Agreement. The money was never withdrawn.  Not too long after, Ayub’s finance team pursued two back-to-back IMF programs in 1965 and 1968 respectively. This time, however, they ended up withdrawing around SDR 112 million, the entire agreed upon amount. ...

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Imran Khan’s 8-month conundrum: Taking the right decision or the popular one?

Ever since Imran Khan has been sworn in as the prime minister of Pakistan, somehow his administration has never failed to supply flabbergasting news every now and then. His right-hand man on the economy and star finance minister, Asad Umar, has stepped down, followed by a major reshuffle in the cabinet in which various cabinet members saw their portfolios changed. For instance, Fawad Chaudhry is now the Minister for Science and Technology, despite brushing off such rumours just a few days ago. This may smell of chaos inside the administration, but I seriously doubt it. I actually welcome the move because ...

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With Asad Umar gone, who will Imran Khan blame for his government’s failure?

The Pakistan Tehreek-e-Insaf (PTI) government has, after much criticism, finally shuffled its cabinet. Many federal ministers, such as Ghulam Sarwar, Fawad Chaudhry and Shehryar Afridi, have been given different portfolios, while Finance Minister Asad Umar refused to accept a cabinet position and has thus stepped down from office. Though Umar’s removal did not come as a surprise – his performance was heavily criticised and his departure was expected – it is the timing that is questionable. Pakistan’s economy is in shambles, relying heavily on the bailout from the International Monetary Fund (IMF), which Umar had been negotiating for the ...

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Spilling tea with Asad Umar: Being a finance minister is ‘tough’

Right after his meetings with the International Monetary Fund (IMF) in Washington, I had the opportunity to sit down for tea with Finance Minister Asad Umar at the Pakistani consulate in New York City. We talked about his negotiations with the IMF, unpacked his outlook on the Pakistani economy as well as the personal toll this job is taking on him. The second thing I noticed about Umar when he entered the room was how tall he actually is in person. The first thing I noticed was how visibly exhausted he looks. By nature, he is an irrepressibly optimistic ...

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The ghosts of Imran Khan’s past: When PTI criticised PML-N for petroleum price hikes

The rising inflation, the dwindling foreign reserves and the growing current account deficit have all practically halted the progress of the country’s economy for the last seven to eight months. The Pakistan Tehreek-e-Insaf (PTI) government still seems clueless about how to put the economy on the right track again, and in order to collect more revenue to generate resources for its expenses, it has now increased the prices of petroleum products. After a price hike of Rs6, petrol now stands at Rs98.89 per litre. At a time when the masses are finding it almost impossible to manage necessary expenses ...

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Caught in the middle: Pakistan’s position in the US-China power shift

China’s rise has triggered a myriad of debates among political and academic commentators alike. Will it be peaceful and rely solely on America’s decline? Or will the changing structure of the international arena inevitably be riddled with war and violence? As the aforementioned thoughts become the subject of repeated discussions, another problem closer to home becomes more and more pressing: can Pakistan ride the ever-turbulent wave of great power rivalry, or is it playing dangerously close to the fire?  Developing trends in regional governance suggest that although American hegemony endures on the international scale, it is undoubtedly being subverted, as China’s global influence ...

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