Dar questions IMF’s intentions towards Pakistan

LONDON: Considered an experienced hand when it comes to dealing with the international lender of last resort, Deputy Prime Minister Ishaq Dar has criticised the International Mone­tary Fund (IMF), accusing it of deliberately delaying disbursement of funds to the country after the Pakistan Democratic Movement took over the reins of the government from the PTI, leading many to speculate that Pakistan was on the brink of default.

“Attempts have been made to sabotage Pakistan’s critical negotiations with the IMF over the last two and a half years,” Mr Dar, who is also the foreign minister, said at a Defence Day event organized by the Overseas Pakistani Foundation last week at the Millennium Gloucester Hotel in South Kensington.

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“Geopolitics was at play when Pakistan was on the verge of default. “Why shouldn’t I raise a finger when our technical review is complete, and why are they wasting our time?” He questioned.

“During my 11-month tenure in the previous government, there were ongoing reviews. My assessment is that they wanted Pakistan to default. Our leaders should be careful of this; we are a nuclear state. Every time we move in that direction [of economic prosperity], our legs are dragged. Conventional warfare is ended. “[The disbursement] was delayed for eight months, which is a major crime in a country’s economic life,” he stated.

Although he would not identify it, Mr Dar was referring to the IMF’s 2023 delay in approving a $3 billion stand-by deal, which he was overseeing as the country’s finance czar.

On Sunday, Mr Dar concluded his diplomatic meetings with a dinner at Pakistan House in Hampstead, which was attended by British-Pakistani members of Parliament.

On Saturday evening, High Commissioner Mohammad Faisal held an exclusive event in which Mr Dar spoke with MPs such as Nusrat Ghani, the deputy speaker of the House of Commons, and numerous other noteworthy MPs of Pakistani descent.

During his remarks, Mr Dar commended the recent election of 15 British-Pakistani MPs, stating that it demonstrates both the power of British democracy and the prosperity of Pakistani residents in the UK.

He praised his government’s efforts to resuscitate Pakistan’s economy, focusing on the country’s economic trajectory from 2013 to 2017, when he said it had risen to the 24th biggest world economy.

Mr Dar voiced worry about the consequences of political turmoil since 2018, but reiterated his government’s commitment to restoring economic development, reducing inflation, and attracting international investment.

According to a statement issued by the High Commission, Mr Dar informed the MPs on changes that were beginning to generate positive results, notably in stabilizing Pakistan’s currency and attracting investment to important areas like as energy and agriculture.

He also solicited feedback on ways to strengthen British-Pakistani commercial relations and urged younger British Pakistanis to keep linked to their roots through a new visa-free policy for expats.

At the Defence Day ceremony, Mr Dar commended the maturity of British lawmakers and asked when Pakistan’s political representatives might be trained to behave like grownups.

“Look at the politics in the United Kingdom.” They battle for political motives in the Upper House on policy and public issues. When they do come out, they can share tea and coffee. I’m not sure when we’ll groom [ourselves] and become grownups in political life, respecting each other’s viewpoints,” he told the crowd.

During his statement, Mr Dar praised Pakistan’s military troops for their sacrifices for the country and stated that his party, led by Nawaz Sharif, also backed the military operation Zarb-i-Azab, despite the financial ramifications.

At the same occasion, he accused Imran Khan of “weaponising a confidential diplomatic communication.” It had been “not just a breach of oath of office, but [he] jeopardised Pakistan’s foreign relations,” Mr Dar said.

He also chastised the PTI founder for blaming the military for his dismissal, which he said occurred through a vote of no confidence, a standard tactic in parliamentary democracies.

“Then the same persons approached army head Gen. Bajwa and offered him an extension if the former administration was reinstalled. What a dismal democratic past we have. Mr Dar remarked, “The world must be laughing at us.”