New Delhi:
India was opposed on Friday against IMF's proposal to extend new loans from USD 2.3 billion to Pakistan, and said that the funds could be misused for financing cross -border terrorism.
New Delhi abstained from the crucial international meeting of the Monetary Fund, whose outcome was not known for submitting the story.
As an active and responsible member of the member, India has expressed their concern about the effectiveness of IMF programs in the case of Pakistan, in view of his poor track record, and also on the possibility of misusing debt financing funds for cross-border terrorism sponsored by the State, the Ministry of Finance said in a statement.
India registered his protest at the Board of IMF, which came together on Friday to revise the Extended Fund Facility (EFF) Program (USD 1 billion) and also considered a Fresh Resilience and Sustainability Facility (RSF) Lending Program (USD 1.3 billion) for Pakistan.
India pointed out that rewarding continuous sponsorship of cross -border terrorism sends a dangerous message to the global community, exposes financing agencies and makes donors to reputation risks and makes a spot of global values, it said.
“Although the concern that fungic inflow of international financial institutions, such as the IMF, can be misused for military and sponsored cross-border terrorist purposes that resonate with various Member States, the IMF reaction is offered by procedural and technical formalities,” said it.
This is a serious gap that emphasizes the urgent need to ensure that moral values get the right consideration in the procedures followed by global financial institutions, it said.
The IMF took knowledge of the statements of India and their abstinence to the vote.
India's opposition at the IMF comes at a time when the military conflict between India and Pakistan is intensified after a terrorist attack in Kashmir's Pahalgam who killed 26 tourists on April 22.
If we point out that the deep -rooted interference of the Pakistan -armor's army in economic affairs is a significant risks of policy slips and reversal of reforms, even when a civilian government is now in power, the army continues to play a major role in domestic politics and its tentacles to be deep into the economy.
“In fact, a UN report described from 2021 military-bound companies such as the 'largest conglomerate in Pakistan'. The situation has not changed for good; on the contrary, the Pakistan army now plays a leading role in the Special Investment Facilitation Council of Pakistan,” said it.
With reference to a report on the evaluation of long -term use of IMF resources, India marked that there was a widespread perception that political considerations play an important role in the IMF loans to Pakistan.
As a result of repeated rescue operations, Pakistan's debt is very high, so that it paradoxically makes too large a debtor for the IMF, the quotation said the report.
(Except for the headline, this story was not edited by Our staff and has been published from a syndicated feed.)
