Imran wants IMF loan contingent upon vote audit

Says foreign lender should take note of massive rigging

ISLAMABAD:

Founding chairman of the Pakistan Tehreek-e-Insaf (PTI) Imran Khan on Thursday announced from jail that he would write a letter to the International Monetary Fund (IMF), demanding it to halt the next loan to Pakistan unless there is a thorough probe into the alleged election rigging.

Notwithstanding its public posturing against the intervention of foreign institutions and powers into the country’s internal affairs, the former premier conveyed through his party’s lawyers that he would write the letter to the IMF on Feb 22 and urge it to link the talks and loan with audit of poll rigging.

Shockingly, Imran’s statement has come at a time when the country is embroiled in severe economic crisis and the upcoming government is already eying at a new IMF programme. The experts believe that writing such a letter was a terrible idea as it will not have any value but would lead to burning political capital and creating more rifts between PTI and powerful stakeholders.

“The whole world saw that the peoples vote was stolen in Pakistan,” Zafar said after meeting with Imran in jail, emphasizing that “democracy cannot run on the mandate of theft”. He elucidated, “when lending institutions see that there is no democracy, they do not give loans.”

In his media talk, Zafar, accompanied by incumbent PTI chairman Barrister Gohar, said that “our letter will be addressed to the IMF, and if the IMF desires discussion, an audit of election rigging must precede any dialogue.” He stressed, “where rigging is proven, rectification must occur before the IMF engagement.”

“Our agreement with the IMF is contingent upon an audit against rigging,” he reiterated. In response to a question if he asked Imran to reconsider writing the letter to IMF as such a move could enhance economic crises, Zafar said that he instead agrees with the move, saying linking loan with audit was “a necessary condition”.

“Imran Khan reportedly plans to write a letter to the IMF demanding it not fund Pakistan due to election rigging. Such a letter would be disregarded and have no value, but what a terrible idea. Pakistan badly needs a new loan. Not getting one could be catastrophic for the economy.” Michael Kugelman, the director of the South Asia Institute at the Washington DC-based Wilson Centre, stated on X, formerly Twitter.

Renowned political expert, Zaigham Khan said that Imran Khan has taken a dangerous decision by deciding to write the letter to IMF. It seems, the experts noted, PTI lawyers didn’t do their homework either before advising Imran.

Referring to IMF’s Articles of Agreement, which is commonly known as IMF charter, Zaigham said that there isn’t any clause pertaining to politics or good governance in the 123 pages of the charter, saying there no condition that a country could become IMF’s member if there was democracy in it.

“Having democracy in the country is not a condition in the IMF charter,” Zaigham said, saying that is why 190 members of IMF include countries where there is democracy or dictator is ruling as well as the countries whose elections are tainted.

“The IMF’s new program is a matter of life and death for Pakistan,” he said, saying it is the only thing that can stop Pakistan from default at the moment. Without IMF program, he said, neither friendly countries nor any global institutions would provide any financial support to Pakistan. He warned that such a situation could lead to similar situation that Sri Lanka faced a few months ago.

Zaigham recalled that PTI was repeating the same mistake that it made when it asked the then PTI finance ministers in Punjab and Khyber Pakhtunkhwa to not show budget surplus to IMF.

IN August 2022, some leaked audio clips of purported telephonic conversations between PTI’s ex-finance Shaukat Tarin and Punjab finance minister Mohsin Leghari and K-P’s Taimur Jhagra surfaced where Tarin could be heard telling them to tell the then PML-N-led federal government that provinces could not post a budget surplus — an IMF demand — in the light of devastating floods.

Back then, the PTI leadership was accused of attempting to sabotage the revival of IMF bailout package. Now, Zaigham noted, it appears that no lessons have been learned from previous mistakes.