Abbasi criticizes Pakistan's reliance on IMF bailouts

Former Prime Minister Shahid Khaqan Abbasi has criticized Pakistan's reliance on seeking bailout packages from the International Monetary Fund (IMF), stating that it signifies a failure in managing the country's economy independently. Speaking at a conference on the growing debt burden, Abbasi highlighted that Pakistan has resorted to IMF assistance 24 times without effectively utilizing the funds for export-oriented sectors, which he believes are crucial for economic stability.

Abbasi emphasized the need for political stability and a fair judicial system to attract investors and address the economic challenges. He expressed skepticism about the upcoming budget, suggesting that IMF conditions may lead to target-based funding rather than benefiting the masses.

Former State Bank of Pakistan Governor Shahid Hafeez Kardar echoed Abbasi's sentiments, attributing Pakistan's economic decline to persistent flawed financial policies by successive governments. Kardar criticized the extravagant spending habits of officials and the lack of fiscal discipline at both federal and provincial levels.

Dr. Reza Baqir supported the call for political unity in tackling the debt crisis, emphasizing the necessity of a non-partisan approach to address the mounting debt burden. Dr. Aisha Ghaus Pasha highlighted the alarming increase in Pakistan's external debt over the past 12 years, underscoring the urgent need for comprehensive measures to manage the country's financial obligations.

The discussions underscored the urgent need for structural reforms, prudent financial management, and a collaborative effort across political parties to steer Pakistan towards economic stability and sustainable growth.