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The IMF Is Using the Debt Crisis to Hollow Out Pakistan's Sovereignty


The IMF Is Using the Debt Crisis to Hollow Out Pakistan’s Sovereignty
20 April
by
Pakistan’s prime minister Imran Khan (CC - Wikimedia)
Imran Khan’s government came to power in 2018 promising to reorient Pakistan’s economy toward the needs of the population. But faced with a debt crisis it soon dropped its reformist agenda and now, the International Monetary Fund is pressuring it to place its State Bank permanently beyond democratic control.
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As the Covid-19 crisis continues to wreak havoc, at the end of March UN Secretary General António Guterres called for “decisive action” to avert the developing world’s deepening debt crisis. He warned that the previous debt obligations of poor countries were fast maturing, threatening to prolong the economic crisis. African governments alone owe $23.4 billion in repayments to financial institutions this year, notwithstanding current pressures signaling the scale of the economic ....

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