Look below an example of our hypoceites politicians who were out and out against Musharraf economic policies. This is “A slap on the faces of Musharraf bashers and an eye opener for the Pakistani nation.”

Govt must endorse past economic policies to get $7.5bn IMF loan

Thursday, November 06, 2008
By Khalid Mustafa

ISLAMABAD: The government in order to qualify for the IMF loan of $7.5 billion under the newly created Short-Term Liquidity Facility (SLF) is left with no option but to endorse the economic policies of the last decade, a senior official told The News.

The SLF is available to emerging economies with a track record of implementing strong macroeconomic policies, but caught up in the global financial crisis, the IMF website says.

“If Pakistan is to formally move IMF for this loan, it would have to show that country has good track record of implementing good economic policies” the official said.

“If new economic mangers say that country did not perform well in the past, it will not be eligible to qualify for IMF’s Short-Term Liquidity Facility,” he said.

The purpose of this Facility is to provide large, upfront, quick disbursing, short-term financing to help countries with good track record to address temporary liquidity problems in capital markets. The IMF Executive Board approved the SLF on October 29.

Pakistan is to get 500 percent of its quota, which stands at $1.5 billion that amounts to $7.5 billion for two years.

“If the current government moves the IMF for the newly created SLF it would mean that Musharraf regime’s economic policies were in right direction that lifted Pakistan from low to medium income country,” the official said.

In the last Friends of Pakistan meeting held in New York the economic managers of the present government acknowledged that Musharraf regime’s economic policies were in right direction owing to which the macro economic indicators improved. President Asif Ali Zardari was also present in the meeting.

During that meeting it was acknowledged that the size of the economy swelled to $170 billion from $60 billion during the Musharraf regime and the per capita income also increased to over 1000 dollars from 500 dollars. The GDP growth increased to over seven percent for most of the period and foreign exchange reserves scaled to unprecedented height of $16.5 billion in October 2007.

The Zardari regime’s economic managers marketed the performance of the Musharraf regime in the Friends of Pakistan meeting in USA and also in Dubai talks with IMF to qualify the help of friend countries and IMF loan to bail out itself from the economic morass.

“This shows that Zardari regime has dual faces as it acknowledges before the world that Pak economy performed well in the last decade, but on domestic front it says that economic polices of Musharraf have ruined the economy.”

The economic wizards to qualify for their help the and IMF loan want the Friends of Pakistan to believe that the country performed well in last decade and its balance of payment situation has worsened due to global financial crisis and massive hike in oil and food prices.

The official said that Pakistan has now decided to place formal request to IMF after the meeting of Friends of Pakistan that is to be held in Dubai on November 17, as Pakistan wants to exhaust this opportunity first.

However, Friends of Pakistan and international financial institutions (IFIs) want to take IMF on board so that the Fund could monitor the economic policies of Pakistan and to ensure their financial help is being used properly.

This is shame for Zardari, Nawaz Sharif, Qazi Hussain, Imran Khan, Shaukat Tareen, Hamid Mir, Kamran Khan, Kashif Abbasi, Ansar Abbasi, Talat Hussain etc
THE NEWS INTERNATIONAL

Look below an example of our hypoceites politicians who were out and out against Musharraf economic policies. This is “A slap on the faces of Musharraf bashers and an eye opener for the Pakistani nation.”

Govt must endorse past economic policies to get $7.5bn IMF loan

Thursday, November 06, 2008
By Khalid Mustafa

ISLAMABAD: The government in order to qualify for the IMF loan of $7.5 billion under the newly created Short-Term Liquidity Facility (SLF) is left with no option but to endorse the economic policies of the last decade, a senior official told The News.

The SLF is available to emerging economies with a track record of implementing strong macroeconomic policies, but caught up in the global financial crisis, the IMF website says.

“If Pakistan is to formally move IMF for this loan, it would have to show that country has good track record of implementing good economic policies” the official said.

“If new economic mangers say that country did not perform well in the past, it will not be eligible to qualify for IMF’s Short-Term Liquidity Facility,” he said.

The purpose of this Facility is to provide large, upfront, quick disbursing, short-term financing to help countries with good track record to address temporary liquidity problems in capital markets. The IMF Executive Board approved the SLF on October 29.

Pakistan is to get 500 percent of its quota, which stands at $1.5 billion that amounts to $7.5 billion for two years.

“If the current government moves the IMF for the newly created SLF it would mean that Musharraf regime’s economic policies were in right direction that lifted Pakistan from low to medium income country,” the official said.

In the last Friends of Pakistan meeting held in New York the economic managers of the present government acknowledged that Musharraf regime’s economic policies were in right direction owing to which the macro economic indicators improved. President Asif Ali Zardari was also present in the meeting.

During that meeting it was acknowledged that the size of the economy swelled to $170 billion from $60 billion during the Musharraf regime and the per capita income also increased to over 1000 dollars from 500 dollars. The GDP growth increased to over seven percent for most of the period and foreign exchange reserves scaled to unprecedented height of $16.5 billion in October 2007.

The Zardari regime’s economic managers marketed the performance of the Musharraf regime in the Friends of Pakistan meeting in USA and also in Dubai talks with IMF to qualify the help of friend countries and IMF loan to bail out itself from the economic morass.

“This shows that Zardari regime has dual faces as it acknowledges before the world that Pak economy performed well in the last decade, but on domestic front it says that economic polices of Musharraf have ruined the economy.”

The economic wizards to qualify for their help the and IMF loan want the Friends of Pakistan to believe that the country performed well in last decade and its balance of payment situation has worsened due to global financial crisis and massive hike in oil and food prices.

The official said that Pakistan has now decided to place formal request to IMF after the meeting of Friends of Pakistan that is to be held in Dubai on November 17, as Pakistan wants to exhaust this opportunity first.

However, Friends of Pakistan and international financial institutions (IFIs) want to take IMF on board so that the Fund could monitor the economic policies of Pakistan and to ensure their financial help is being used properly.

THE NEWS INTERNATIONAL