Reply #8: IMF cool to Pakistani 'cheaters and liars' [View All]

[xchrom]

http://www.atimes.com/atimes/South_Asia/MD28Df02.html

KARACHI - The International Monetary Fund considers Pakistan's economic policymakers "cheaters and liars", according to Ehtisham Ahmad, the country's former representative on the Washington-based IMF board.

Ahmad claims that only a last-minute intervention by the White House helped Pakistan secure in late 2008 an US$11.3 billion bailout arrangement with the IMF. This had been initially turned down with senior fund officials saying the country's economic managers were lying on tax reform pledges, a perception that has now become reality in 2010-11.

"The White House had to intervene as even the friends on the IMF board said Pakistan's


economic team lied on the promise of levying ," the Daily Times reported Ahmad as saying. "It would not be easy for Pakistan to have another bailout program with tainted reputation. It is now a different IMF that will seek prior implementation of conditions before agreeing to a new program."

The IMF last year suspended payouts under the 2008 agreement as the government dragged its feet on introducing tax reforms and other fund-raising measures, forcing Islamabad to borrow from local banks, which is helping to drive up inflation in Pakistan.





pot calling the kettle beige.
:eyes: