Today I found sometimes to review Pakistan’s history of borrowing from IMF. I’ve found some interesting facts. Please read and share as educating our people is must to fight against mafias who’ve destroyed us by compromising economic empowerment of the motherland.
Pakistan first went to IMF on 8;December 1958 when Gen. Ayub was the ruling the country. Gen. Ayub’s finance team got $25m approved under standby agreement was the money was never withdrawn.
After that during Gen. Ayub’s time Pakistan went twice to IMF and withdrew US$ 112 million against the same agreed amount by IMF in 1965 and 1968.
After that on May 18, 1972 Pak knocked IMF’s door once again under the dynamic leadership of ZA Bhutto but it was unstoppable as Mr. Bhutto went 4 times consecutively from 1972 to 1978. During Mr. ZAB’s time Pakistan withdrew about $314 million against agreed $330 million
Then came Gen. Zia. From 1980 to 1981 Pakistan went to IMF twice and secured loans of $2.187 billion but only $1.079 billion were used.
From 1988 to 1997 Pakistan went to IMF 8 times under the experienced, dynamic and champion governments of PPP and PMLN. During this period Pakistan withdrew about $1.64 billion. Out of 8 times, five times it was PPP’s government and three time PMLN was ruling.
Then came Gen. Musharraf whose government secured $1.33 billion in two attempts not to mention in 9 years and on massively lower interest rates. Then returned democracy.
پھر نیا زمانہ آیا
اپنے ساتھ گو گو لایا
PPP came in power and secured highest ever loan sizing to US$ 4.94 billion.
PPP was replaced by PMLN in 2013 and they then secured another US$4.399 billion.
All in all till today Pakistan has borrowed US$13.79 billion from IMF out of which 47% loans were secured by @PPP_Org followed by @pmln_org with 36% while military dictatorship contributed merely by 18%.
Analysis by SARFARAZ Abbasi
Twitter : @iamsarfarazabbasi
Bilal Nasir Khan 