Pakistan has obtained 21 loans from the IMF, as many as Argentina
FAMILIARITY, THEY say, breeds contempt. Few countries are as familiar with the IMF as Pakistan. The over-indebted country of 200m people has obtained 21 loans from the fund, as many as Argentina. On May 12th this familiarity deepened further. The country’s government, led by Imran Khan, a former cricket star who heads the Pakistan Tehreek-e-Insaf party, said it had reached a deal with the IMF’s staff to borrow another $6bn over three years.
To ease the public’s pain, the IMF will allow the government to spend more on welfare schemes, such as a cash-transfer scheme named after Benazir Bhutto, a former prime minister who was assassinated in 2007. But her son, Bilawal Bhutto Zardari, who now leads her party in opposition, seems unimpressed. After the government this month appointed a former IMF official to head the country’s central bank, Mr Bhutto Zardari accused it of surrendering Pakistan’s autonomy.
Such an assessment seems premature. CPEC spending may have contributed to the increase in Pakistan’s imports . But because this outflow of import spending was presumably matched by an inflow of Chinese capital, it cannot have been responsible for the dangerous dwindling of Pakistan’s foreign-currency reserves over the past year.
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