NEW YORK (October 30 2008): An influential US newspaper has criticised the prescriptions of the International Monetary Fund (IMF)--cuts in government expenditures, devaluation, and tax increases--for bailing Pakistan out of the financial crisis, saying that the measures would have opposite effect.
"Pakistan needs market-oriented reform along the Chilean and Irish models, not the IMF's austerity prescriptions," The Wall Street Journal said in an editorial, titled 'Does the IMF have no fresh ideas?' "Pakistan's economic wellbeing matters not only for its 165 million citizens but also because it's a key country in the world-wide war on terror," the editorial said.
The Journal said the IMF declined comment on a Pakistan Finance Ministry spokesman's statement last week that the Fund "wants Pakistan to reduce its government expenditures, maintain a 'flexible' exchange rate and 'increase' its tax-to-GDP ratio".
For more on this article, please click on the following link: WSJ slams IMF's prescriptions: Business Recorder
Thursday, October 30, 2008
WSJ slams IMF's prescriptions: Business Recorder
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I think, Pakistan needs a major and quick political reform. The so called politcal leaders (who originallay are geniune gundas and halwais) would not even think twice to sell Pakistan (at no cost)for their personal interest. I sometime wonder, how much one would you need to spend a good life. Being here in the US with a reasonsable job, a house, with savings upto $20,000, and most beautiful social and family life would work for me. This is about time that Pakistanis should realize as a nation the difference between good and bad and know their national interest. We are mentally retarted and are still playing a catch up game since our independece. We can overcome this problem if we think objectively.
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