Last updated on February 9, 2020
Professor Younas Qadri, a distinguished economist and leader of Tehreek Labbaik Pakistan, released white papers against IMF program on Friday. White papers, spanning of 155 pages, were released in a press conference at Lahore press club. He slammed government for adopting IMF program for only 6 billion rupees which is a peanut share of Pakistan’s total deficiency of around 210 billions. He divulged IMF’s plans to bring informal economic sector into interest zone. TLP demanded government to renege all conditional loans and rely on unconditional loans from allies.
IMF’s new program named Extended Funds Facility (EFF), adopted by Pakistan also, is a conditional program which enforces borrowing countries to bring more and more people into tax net and documentation which eventually pushes informal sector into interest zone as well. Moreover, IMF also directed a mini budget for Pakistan with many new taxes of around 200 billions to be implemented soon.
Tehreek Labbaik Pakistan urged government to oust IMF from its donors’ list and to rely on allies until the debt is paid off. White paper shows that more than 80% economy of Pakistan is from informal sector and is interest free. Furthermore, government could never collect statistics about this sector while calculating growth rates and other economic factors. Religious seminaries can collect statistics with accuracy due to higher resolution.
Discussing solution to the problems, Qadri demanded to establish a Islamic economic system. He inquired that how can an “Islamic bank” can work under an itself interest based State Bank of Pakistan. He demanded government to not to deprive them from implementing Islamic economic system.
He elucidated that the “agents” of IMF want to thrust country into worst economic conditions. Government is reaching to IMF deliberately without any need. He requested public to stand with TLP to empower Islam and Islamic economy in Pakistan.