The IMF’s loans are no less than poison. We celebrate Independence Day on August 14, but in reality, we are not truly free. We are bound by chains of mental, educational, economic, and social servitude.
Celebrating Independence Day with enthusiasm does not make a nation free; rather, it requires fostering positive thinking, modern education, and excellent training. We need to develop individuals who have a deep sense of patriotism and genuine concern for their country.
Unfortunately, we are shackled by chains of servitude with no apparent way to escape, and one of these chains is the IMF.
The IMF, or International Monetary Fund, is ostensibly a global financial institution.However, since the influence of the US and other global powers increased, this institution has made life extremely difficult for poor countries.
It imposes conditions that are damaging not only to these countries’ economies but also to their sovereignty. Poor countries, after taking loans from the IMF, cannot escape its grip because they become trapped in a web of interest upon interest.
The IMF provides just enough funds to cover the interest on external debts, forcing these countries to take additional loans for other expenses.
Thus, poor countries remain under the control of the IMF and its backing powers, like the US, and are compelled to comply with every condition.
History shows that countries which made the mistake of taking IMF loans have been economically devastated.
The only success of this institution is aiding the reconstruction of Britain, Germany, and France after World War II. For the rest of the poor countries, IMF loans are no less than poison.
Pakistan is one such country that has compromised its freedom, sovereignty, and security by taking loans from the IMF.
Pakistan has accepted the IMF’s conditions and, as a result, received the gift of economic ruin. Every Pakistani government has tasted the bitter fruit of these loans.
No political party or leader has remained immune; even those who vowed to avoid the IMF have eventually succumbed.
The IMF has demanded the termination of pensions for government employees and the elimination of all subsidies.
It is also seeking information on CPEC and has shown interest in Pakistan’s nuclear program. In reality, the IMF’s interest in these conditions is driven more by the US than by the IMF itself.
The US, unable to directly obtain this information from Pakistan, relies on the IMF to tighten its grip on the country.
Pakistan has provided details of sensitive projects, including CPEC, to the IMF, which have likely reached the US.
Now, seeing Pakistan’s predicament, the US has used the IMF to attempt to acquire information on Pakistan’s nuclear program and defense plans, and has been largely successful.
Our governments have been providing this information without hesitation, which could severely jeopardize Pakistan’s security.
Our governments should avoid complying with every IMF condition. Instead, efforts should be made to secure loans from friendly countries, which do not impose such stringent conditions that endanger national security.
Additionally, to improve the economy, more industries should be established and foreign investors should be encouraged to invest in Pakistan.
This would increase exports and strengthen the economy. If the government focuses on setting up 500 factories and industrial units instead of various free programs, it would be more beneficial for the public.
This approach would not only create jobs for many unemployed individuals but also improve the national economic situation. In short, to achieve true freedom, it is crucial to rid ourselves of IMF loans.