KARACHI: former World Bank economist Abid Hasan has said that Pakistan is the end of the road, and the government has to make the political case to the public for meeting these (IMF) demands.
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His comments came as an IMF mission began its negotiations with Pakistan’s finance ministry officials to discuss a vital cash injection. Pak government loosened controls on the rupee to rein in a rampant black market in US dollars, a step that caused the currency to plunge to a record low. Artificially cheap petrol prices have also been hiked.
Talking to AFP, former World Bank economist Abid Hasan said “if they don’t, the country will certainly default and we’ll end up like Sri Lanka, which will be even worse.”
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Sri Lanka defaulted on its debt last year and endured months of food and fuel shortages that sparked protests, ultimately forcing the country’s leader to flee overseas and resign.
Abid Hasan said “we’re at the end of the road. The government has to make the political case to the public for meeting these (IMF) demands.”
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