Saifuddin Sheikh, Executive Director of Pakistan Economy Watch (PEW), said on Monday that the IMF still has concerns about Pakistan, so its team met with the Pakistan People’s Party leaders and PTI to get commitment from them to abide by the agreement. He said that the IMF wants whichever government comes to power in Pakistan should not violate the agreement but implement it in letter and spirit.
Due to this concern, he added that the IMF team met with the two parties’ leaders and was assured full cooperation.
In a statement issued today, Saifuddin Shaikh said that the IMF, like foreign institutions and investors, is also apprehensive about Pakistan’s habit of breaching promises.
He said that the leadership of PPP and PTI had assured cooperation to the IMF team, after which the loan tranche is expected to be released soon.
He remarked that Pakistan is famous for violating agreements in which the Reko Diq, IPPS, recent budget, and agreement with the IMF by the previous government are noteworthy.
He said that due to these violations, only some are willing to invest in Pakistan, and if anyone wants to invest here, he needs incredible returns due to the risk. Moreover, the investors need sovereign guarantees to remain on the safer side.
Pakistan has also had to pay billions of dollars in fines due to breach of agreements, and its reputation has been badly affected, but this process continues.
Top officials sign agreements without properly reviewing them and later stop the implementation by declaring it against the national interest or scare the investors away.
He said protecting the country’s interests is important, but all this is done before signing the agreements, not after the deals are finalised.