The International Monetary Fund (IMF) approved a new loan of around $ 1 billion in Pakistan on Friday under the current extensive fund facility.
India registered his protest by abstaining from voting for the crucial IMF meeting, and pointed out that rewarding continuous sponsorship of cross-border terrorism sends a dangerous message to the global community.
According to government sources, India has abstained from the IMF mood because the system does not allow a formal “no” mood.
The IMF Executive Board consists of 25 drivers who represent Member States or groups of countries. It deals with daily operational matters, including loans approvals. Drivers can vote for or remember. There is no provision to vote against a loan or proposal, according to government sources.
Unlike in the United Nations, where each country has one voice, IMF -VOTS reflects the economic size of each member. For example, countries like the United States have a disproportionately high voice share. To simplify things, the IMF usually makes decisions on consensus.
India, for example sources, doubted the effectiveness of continuous IMF assistance and noted that Pakistan received support in 28 of the past 35 years, including four programs in only the last five without meaningful or permanent reform.
By abstaining, the sources added, India transferred his strong abnormal opinion about the limitations of the IMF's voting system and used the opportunity to formally register his objections.
India strongly emphasized the constant dominance of the Pakistani army in economic matters, which undermine transparency, civil supervision and sustainable reform, the sources said.
India firmly opposed the provision of funds to a country that continues to sponsor cross -border terrorism, warns that such support entails reputation risks for global institutions and undermines international standards, according to government sources.
