IMF to extend ‘slavery’ loan amid continued opposition-led protests

Supporters of the Pakistan Tehreek-e-Insaf political party wave party flags as they gather to listen the speech of the ousted Pakistani prime minister Imran Khan during a rally, in Lahore, Pakistan, on April 21 2022. Picture: REUTERS/MOHSIN RAZA

The IMF suspended its loan to Pakistan in 2020 after the country failed to meet the conditions. The plan was revived last year after Khan’s administration agreed to tougher conditions, including raising oil prices and electricity tariffs, though a few months later he rolled back the increases to soothe public anger over rising living costs.

In a statement, IMF mission chief Nathan Porter said both the lender and Pakistan agreed that prompt action is needed to reverse the country’s unfunded subsidies, which have slowed discussions over the unlocking of billions of dollars in aid. Since losing a no-confidence vote in April 2022 that he says was orchestrated by the US, Khan has amassed a large following of protesters across the country that shows he enjoys some support and this could deter investors if the rallies turn violent.

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