Editorial: DAWN - 06 July 2013
Tougher days: ahead IMF loan THE government and the market are jubilant over the ‘successful conclusion’ of a new loan of $5.3bn from the IMF. And why not? The loan will ease pressure on diminishing foreign exchange stocks and relieve the government of worries of how to repay over the next 12 months what the country already owes to the Fund. But is it really a ‘step forward’ for the new government, which had promised voters so much? Although the announcement of the agreement on the loan hides more than it reveals, from whatever has so far been divulged it is clear the people should brace themselves for greater hardship. When Finance Minister Ishaq Dar said a “better tomorrow dawns only when the requisite pains are borne today”, he was signalling towards a tougher future for the people in whose name the loans are secured and who must repay these generosities with sacrifices. The help from the IMF is necessary not only to repay its existing debt but also to obtain bu...