In his introductory remarks, Shaikh admitted that the power sector needed structural reforms. Electricity subsidies have cost the government over Rs1 trillion over the past four years.
The finance minister said Pakistan had budgeted and was prepared to pay the $1.2 billion due this year to the IMF. Pakistan had always paid its loans, and there was no fear of Pakistan not having the funds to repay the loans.
Published in The Express Tribune, September 27th, 2011.
COMMENTS (7)
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My question is that, why still nobody has questioned him why FBR showed fake tax collection figures and why till today showing the figures to the international lender was not considered a crime? Why Dr. Sheikh himself does not pay taxes and why does not have courage to take the name of them who have eaten up the entire country but they are unwilling to pay a single penny in tax???
The IMF is a "preferred creditor". They have to be paid before anyone else. Their debts cannot be deferred or re-scheduled. While there have been some counties that defaulted on IMF loans, they have been expelled from the membership.
The IMF is a credit union. If one member defaults, every member pays for it (including Pakistan) though a higher "rate of charge".
So we have very little option but to service their debts in full and on-time. To say so, is empty words.
This article seems incomplete! though i agree the government has run out of excuses, this article does not state why, how ..or gives any insight!
My fingers are crossed, lets see :-)
An who did you say was paying your salary, Huma?
Where is the plan Mr FM...the economy of country is sinking and sinking fast.