Islamabad: International Monetary Fund (IMF) has declined to lend further loans to Pakistan, putting the condition of agreement of all the provinces on taking of the loan, unless or so. No rescheduling would be done of the loan and neither the debt amount would be left over by IMF to the country, said the IMF delegation head Jeffery Frank while talking to the media at the country’s capital.
He expressed deep concern over the economic recession that is being faced by the country. He said that the loan that has been given is insufficient to meet the demands of the country of even 3 months. There still exists space for the Pakistani currency to fall down in the market. He emphasized that the reason behind the economic recession is the callousness of the government authorities to put check on electricity theft. ” This year the debt could increase to 1634 billion”. He suggested that in order to increase the revenue, it is necessary that tax be collected from everyone with no tax payer left to do his part.
Jeffery Frank also said that Pakistan has not filed up any application for the need of loan but for further loans, it is necessary that all the Pakistan’s provincial authorities combine to make the decision, collaboratively. He said that the fiscal budget and economic condition of the country are not good. The country needs to focus on its economic budget and energy sectors especially. Government unaccountable expenditures and debts on the country are big problems.
He suggested that the country should end the subsidiary on its electricity bills. In order to get funds, the country should revise and formulate its economic designs. The country needs billions of dollars to meet the country needs and there exist difference of 1624 millions between the earning and the expenditure, the IMF member further told.
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