All the posts in this thread have been criticizing Pakistani govt to goto IMF under present conditions while most of them cursing PPP govt to fall for IMF every time.
Rightly so, going to IMF will increase the problems, never decrease it. I'm also not a Jyala (before anyone accuses me) to defend PPP to contact IMF. But did we analyze the conditions when the govt had to consult IMF to rescue? Are we fully aware of how the country is working right now, or we may say how was it working when the previous govt left? Look at the situation of Stock Exchange, does it depict anywhere that this may carry on unless some heavy resource is injected. The whole situation was not just severe, it was very formidable.
So we are actually disgusted on the side-effects of a life saving drug for a dying body, without analysing how come this body reached this state! And if you see the whole scenario, Pakistan did go to US, Emirates, Saudia, China and Europe for urgent aid but no one was ready to give them what they wanted to keep Pakistan alive. This was all part of a deal to push Pakistan to contact IMF as the last resort. Now u'll very soon see Pakistan getting Quick aid from all countries named above, ofcourse cuz the task is achieved. i.e. Pakistan has fallen for IMF again.
At least I am not against loan from IMF if there is chance that things would get better. Unfortunately, two mega thugs (NS and Z) have joined hands together to loot and plunder the country, and in this situation, I have feelings that things may not get better unless something with '10th Corps' happens in Pakistan quickly (though it is my prayer that I am wrong and these thugs do come to senses).
Just imagine that Pakistan had $16.5 billion reserves a year ago. In Feb 2008, reserve was still over $14 billion and rupee was stable at around Rs 61 to a dollar. Do you think that a government that looted the treasury so fast that reserves got reduced to $6 billion, dollar debts increased by around $7 billion (would increase by $15 billion once IMF loan gets included, to over $55 billion), rupee debt increased by around Rs 900 billion in last one year, than for such government, how $7.6 billion IMF loan would make any difference? I think that if previous government had left $50 billion reserves still this government would have brought the situation to same dire position.
Think that few months ago in July '08, government was running for few billion dollars loan from here or there when it was expected that crude oil plus palm oil import would be around $14 billion for year 2008-09. Today, the estimate is that crude oil plus palm oil import would cost around $6 billion, that is a saving of $8 billion (as if Pakistan got $8 billion as grant for year 2008-09), still government did not even mentioned that gain and desire of government to borrow did not abated even an iota bit, than why you think that it would make any difference once Pakistan would get $7.6 billion IMF loan?
