IMF imposes 11 conditions on Pakistan citing tensions with India: Report
The International Monetary Fund (IMF) has slapped 11 new conditions on Pakistan for the release of the next tranche of its bailout programme.
The International Monetary Fund (IMF) has slapped 11 new conditions on Pakistan for the release of the next tranche of its bailout programme.
This comes a day after Indian Defence Minister Rajnath Singh said that IMF's fund to Islamabad can be used directly or indirectly to create terror infrastructure. The IMF said that it has taken note of the significant rise in tensions between Pakistan and India after the April 22 attacks.
In its report released Saturday (May 18), the IMF said that "rising tensions between India and Pakistan, if sustained or deteriorate further, could heighten risks to the fiscal, external and reform goals of the programme".
“Enterprise risks have increased. The rising tensions between India and Pakistan, if sustained or deteriorate further, could heighten enterprise risks to the fiscal, external and reform goals of the program. Reputational risks could also come from any perceived lack of evenhanded or if there was a perceived misuse of Fund disbursements,” the IMF said.
“So far, the market reaction has been modest with the stock market retaining most of its recent gains and spreads widening moderately,” IMF added.
The 11 new structural benchmarks introduced by the Fund have been linked to fiscal, governance, social, monetary and financial parameters along with metrics to be met in energy sector and trade, investment policy and deregulation.
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Earlier on May 9, the Executive Board of the IMF had allowed for an immediate disbursement of around $1 billion, bringing total disbursements under the arrangement to about $2.1 billion.
India had abstained from voting in the Board meeting and had raised concerns over the efficacy of IMF programs for Pakistan given its “poor track record” and also on the possibility of “misuse of debt financing funds for state-sponsored cross-border terrorism”.
India and Pakistan reached a ceasefire understanding on May 10after which border hostilities including drone attacks by Pakistan stopped.
