In November 2021, Pakistan and the International Monetary Fund (IMF) reached a staff level agreement for the next interest based loan tranche, upon fulfillment of IMF conditions. The IMF conditions include an increase of Rs. 350 billion in taxes through a mini-budget, an increase of Rs 4 per liter in the Petrol Development Levy (PDL) per month, a reduction in the development budget by Rs 200 billion and the handing over of control of the State Bank of Pakistan to the IMF. The government has previously raised electricity rates, with further rises expected by the spring of 2022. This crushing economic burden is unleashed upon the Muslims of Pakistan by the same Prime Minister, Imran Khan, who, after entering government, asserted, “We have to stand on our own two feet. Borrowing means washing our hands of independence and dignity,” whilst lamenting about those who beg for loans continuously. (more…)
