A large number of civil society activists and representatives of different NGOs, trade unions and lawyers on Tuesday held a protest demonstration against seeking IMF loan to bailout the economy. They were holding placards and banners inscribed with slogans like 'No to IMF, No to IFIs'.
The protest in front of Islamabad Press Club censured government of considering IMF as a last resort to overcome worst ever economic crisis in the country. Later, addressing press conference, representatives from civil society expressed the view that such arrangement with IMF always comes with conditionalities that will affect the already suffering poor and vulnerable segments of the society.
They said that international financial institutions (IFIs) like IMF, the World Bank (WB), and Asian Development Bank (ADB) focus on macroeconomic stability. Pakistan is no exception to the rulebook that the IMF has followed in its classic style of 'one-size fits all regimes', said Khadim Hussain, a social activist.
They feared that there is strong likelihood there will be cut in the Public Sector Development Programme - Currently public spending on education and health is about 2.7 percent and 0.75 percent, respectively, way below the international benchmark to achieve Millennium Development Goals (MDGs).
Besides, they said reduction in Social Safety Net Programmes - poorest one-fifth of the country's population spending nearly 30 percent of income on cereal and urgently need support through targeted social safety-net programmes.
The coalition of NGOs urged the government to look for the local alternatives and avoid the solutions that burden the already burdened poor women and men of this country. The campaign of 'Resist IFIs' is the coalition of different civil society organisations and is supported by Strengthening Participatory Organisation (SPO), Sungi Development Foundation, Sustainable Policy Development Institute (SDPI), Action Aid, Oxfam International and others.
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