IMF, WB & Industrial countries should wave off Pakistan’s debt

The Institute for Social Justice (ISJ) has urged the International Monetary Fund (IMF), World Bank (WB) and industrial countries to write off debts which these have given to Pakistan because Pakistan is third world’s the most underdeveloped country whose 80 percent population is poor and of these, 50 percent is below poverty line, which implies that these people do not have basic things to survive; therefore, there is continuous decline in livelihood, employment, improvement of life, life expectancy, health & education services. The ISJ said that there are all those worst conditions which suggest that people of Pakistan are in great economic crisis, and continuous repayment of loan to IMF and WB will weaken economy and life in the country. The ISJ’s statement said that unfortunately in result of IMF and WB driven economic, governance and structural adjustment policies, Pakistan has reached to the verge of collapse. Funds by IMF and WB have not been used for alleviating poverty and increasing employment but to appease bureaucrats, politicians, business tycoons- these funds have flown out to other developed countries. This is time to support people of Pakistan. These institutions and industrial countries should immediately wave off all debts on Pakistan.