Bailout programme: IMF releases $555.9m tranche for Pakistan
The International Monetary Fund (IMF) on Friday disbursed $555.9 million to Pakistan, confirming the country was on track with the conditions of its IMF loan programme.
The IMF saved Pakistan from possible default by agreeing last September to lend it $6.8 billion over three years. The cash is being doled out in increments and could stop if Pakistan fails to institute reforms, including cracking down on tax evasion and privatising loss-making state companies.
Pakistan’s tax authorities in April said they would publicly shame defaulters by publishing taxpayers’ details in a directory for the first time. Only around one in 200 citizens files income tax returns, leaving the state begging foreign donors to help fund crumbling schools and hospitals.
The IMF disburses loan tranches after confirming a country is on track with the conditions of any bailout.
Published in The Express Tribune, June 28th, 2014.
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@Nasir Mahmood:
Indeed an Organization as intelligent as the IMF would have the statistics and economic tools to justify loans to Pakistan.
Any other lesser intelligent organization would clearly be shocked at the consistent corruption in Major projects. Billions missing as kickbacks and commissions. Unjustified tenders, and over priced project receipts.
But, then again Ernest and Young is not auditing the governments Books. Governments audit their own books.
@SJ:
"When half of it is being used to Fund terrorist organizations."
A very bold claim without any justification. I wonder why these newspapers keep on allowing all these enlightened individuals to write their fantasy stories on their websites.
And the other half is being used to built new secret weapons of mass destruction? Maybe even artificial robotic terrorists?
One can understand IMF helping people of Pakistan but how can they allow & not monitor the fund usage when half of it is being used to fund terrorist organisations & activities.
The donors and lenders confidence is being restored due to better economic policies of the present Government. Need to tight the bureaucracy to work hard and honestly to get Pakistan out of economic crisis.