The International Monetary Fund (IMF) has dismissed a plea from imprisoned former prime minister Imran Khan to tie its economic aid to Pakistan with an audit of the recent general elections in the country. Khan's Pakistan Tehreek-e-Insaf (PTI) party, in a letter to the IMF, alleged that the February 8 elections were marred by fraud and urged the IMF not to allocate aid to those who misused power for personal gain.
The letter, sent ahead of the swearing-in of new Prime Minister Shehbaz Sharif on March 4, requested the IMF to thoroughly examine the election results before engaging in any new agreement with Islamabad. However, the IMF has rebuffed Khan's demand for an election audit, stating that it does not intervene in domestic political matters but emphasizes the importance of resolving electoral disputes peacefully and fairly.
The IMF clarified its focus on assisting Pakistan in implementing robust policies to enhance financial stability, address economic challenges, and promote inclusive growth. This involves measures such as improving public finances, enhancing governance and anti-corruption efforts, reforming state-owned enterprises, and creating a conducive environment for private investment.
In response to the letter, an IMF spokesperson reiterated the organization's commitment to engaging with Pakistan to complete the second review of the Stand-By Arrangement (SBA) and potentially develop a new medium-term economic program. The IMF also announced plans to send a mission to Pakistan following the formation of a new cabinet.
The letter to the IMF Managing Director, signed by PTI spokesperson Raoof Hasan under Khan's guidance, urged the IMF to audit at least 30% of the national and provincial assembly seats to uncover any electoral interference or fraud. Pakistan, facing a balance of payments issue, is reportedly seeking a fresh loan of about USD 6 billion from the IMF.
The IMF's short-term bailout package of USD 3 billion from last year is set to expire soon, and Pakistan needs another loan to meet its external obligations. Prime Minister Sharif has authorized the Ministry of Finance to initiate discussions for a new Extended Fund Facility (EFF) with the IMF, highlighting Pakistan's reliance on IMF assistance to manage its foreign financing needs for debt repayments and current account deficit financing.
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