FEATURED IMAGE above shows Constitution Ave, Islamabad, Photo: By Zacharie Grossen via Wikimedia Commons
Managing Director International Monetary Fund, Christine Lagarde has called Panama and Bahamas Leaks a matter of honesty, transparency and accountability.
On the final day of her maiden two-day visit to Pakistan, the IMF chief made these remarks in an appearance alongside Finance Minister Ishaq Dar in Islamabad, aruging that accountability and transparency were the right course forward.
“And that is the best way to go forward whether it is Panama or Bahama or whatsoever,” she said in response to a question regarding involvement of Pakistani leaders in offshore accounts scandals as revealed by Panama Papers.
Prime Minister Nawaz Shaif Photo: Hamed Malekpour via Wikimedia Commons
A major opposition party, Pakistan Tehreek-e-Insaaf has vowed to lock down the capital with massive demonstrations next week against the government’s refusal to deal with corruption allegations. Imran Khan, the cricketer-turned-politician has vowed relentless pressure on Prime Minister Nawaz Sharif, who is among politicians named in Panama Papers with offshore accounts.
Some analysts see a threat to democracy, if November 2 protests spiral out of control or the friction between the Sharif government and demonstrators turns violent.
In her remarks, the IMF Chief said technological progress and access to information will make it impossible to run and hide with corruption.
PTI Leader Imran Khan, Photo: Jawad Zakariya via Wikimedia Commons
Lagarde also had some words of encouragement for Islamabad as she congratulated Pakistan on having successfully completed its IMF-supported economic reform program.
“Improved macroeconomic stability as well as strengthened external buffers and public finances will provide a solid foundation for the economy.”
As a result of the programme, she said, many tax exemptions have been removed, and higher tax revenue has allowed for greater public investment and social spending.
“About 1.5 million more poor households are benefiting from targeted social assistance than three years ago. Power outages have gradually decreased and the financial performance of the power sector is strengthening.”
She said it is Pakistan’s “moment of opportunity” to address its remaining economic challenges and work towards creating more private sector jobs and higher living standards for all segments of society.
Increased focus on improving health, education and closing the gender gap and providing social protection can “ensure that gains in living standards are widely shared”, she added.
“Pakistan’s economic transformation cannot happen without the country’s youth — who comprise about 60 per cent of the population — and women, of whom only one in four participate in the labour force.”
