Advertisement
News

India Pushes for Tighter Scrutiny on Pakistan’s IMF Loan

Advertisement

Amidst Pakistan’s efforts to secure a new IMF loan program to address its financing needs, India has raised concerns and demanded stricter monitoring of any emergency funds provided to Islamabad.

During a recent review of Pakistan’s ongoing $3 billion short-term Stand-By Arrangement (SBA), India’s nominee, executive director Krishnamurthy Subramanian, emphasized the need for stringent oversight of IMF funds allocated to Pakistan, as reported by Indian newspaper The Hindu.

India has traditionally abstained from voting on loans sought by Pakistan, but Subramanian abstained from voting in mid-January, prompting the release of a $700 million tranche to Pakistan. However, this time, the Indian government urged Subramanian to advocate for enhanced checks and balances to ensure that IMF funds are not diverted towards defense spending or external debt repayment.

While India cannot unilaterally block Pakistan’s loan, it holds influence as part of a group within the IMF Executive Board, which collectively represents a portion of the voting rights. The final decision on loans is made by the 24-member Executive Board, where each member’s voting weight is determined by their special drawing rights (SDR).

Advertisement
Zubair Yaqoob

Zubair Yaqoob is a senior anchor, and an investigative journalist with an impressive 37 years of experience. Zubair's journalistic journey has been marked by a relentless pursuit of truth and a commitment to delivering impactful stories. Zubair's expertise extends beyond borders, reaching as far as Malaysia, where he has left an indelible mark on the international journalism landscape. His global perspective and keen analytical skills have allowed him to navigate diverse cultural landscapes, bringing a unique and enriching perspective to his reporting. Whether he's in the studio or on the field, Zubair continues to be a driving force in the world of journalism, bridging gaps, fostering understanding, and unraveling the stories that matter most. As the Headline PK Author, Zubair remains at the forefront of news, guiding audiences through the complexities of our ever-evolving world.

Recent Posts

$6.2 Million for a Banana: Cattelan’s “Comedian” Art Sold to Crypto Entrepreneur

A banana duct-taped to a wall—a divisive piece of conceptual art by Italian artist Maurizio…

13 hours ago

COAS Visits IDEAS-2024, Lauds Global Participation

Chief of Army Staff (COAS) General Syed Asim Munir visited the International Defence Exhibition and…

2 days ago

PTI to hold protests in Canada, US, Europe and Japan on Nov 24

Pakistan Tehreek-e-Insaf (PTI) chapters worldwide have announced protests across multiple countries on November 24, following…

2 days ago

PPP Demands Leadership of Public Accounts Committee

The Pakistan Peoples Party (PPP) has formally demanded the chairmanship of the Public Accounts Committee…

2 days ago

Positive Use of VPNs Aligns with Sharia, Clarifies Islamic Council

The Council of Islamic Ideology (CII) has clarified that the use of Virtual Private Networks…

2 days ago

Government to Provide 40,000 Subsidied E-Bikes

The federal government has unveiled a plan to distribute 40,000 electric bikes (e-bikes) to the…

2 days ago