IMF (International Monetary Fund) is a global institution that provides economic aid or loans to countries facing economic crises in the world. The purpose of this assistance is to maintain global financial stability, revive the economies of member countries and help reduce poverty. But when this assistance is repeatedly given to a country like Pakistan, it is natural for questions to arise, especially when that country is infamous for supporting terrorism against India.
Pakistan and IMF partnership
Pakistan has been struggling with an economic crisis for a long time. Inflation is at its peak, foreign exchange reserves are almost exhausted and the country is always at risk of default. In such a situation, the IMF gave Pakistan a “standby arrangement” of about $ 3 billion in July 2023, which gave it some relief. But now there are reports that Pakistan can once again get assistance of up to $ 6 to $ 8 billion, which will be under the “Extended Fund Facility” (EFF). This means that this amount will be given to Pakistan gradually over the next few years, so that it can improve its economic structure.
Important questions for India
Although IMF’s (International Monetary Fund) assistance may seem justified from a humanitarian point of view, some serious questions arise for a country like India –
1. Does the IMF ensure that Pakistan is not using these funds on terrorist organizations?
History is witness that Pakistan has previously used foreign aid to promote military expenses and terrorist activities. In such a situation, it becomes necessary that the money being given by the IMF is monitored.
2. Can’t India, which is itself a major contributing member of the IMF, object to the aid given to Pakistan?
India is a member of the IMF and a part of it goes to its fund. Therefore, India should raise this issue on the international platform that why a country that supports terrorism is being given funds without strict conditions.
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3. Isn’t India’s money being used indirectly to help Pakistan?
When the IMF gives aid to a country, it gives it from the funds received from all its member countries. This means that the contribution of other countries including India is also included in it.
The role of the IMF is important in maintaining global economic balance. But when this institution repeatedly gives funds to a country which is notorious for terrorism, radicalism and anti-India activities, it becomes a matter of concern.
India should take a tough stand on this issue on global forums like IMF and demand that transparency of its use should be ensured before any funding is given.
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