SBP now 'State Bank of IMF': Miftah Ismail

SBP now ‘State Bank of IMF’: Miftah Ismail


Karachi: PML-N leader and former finance minister Miftah Ismail said on Friday that after the government announced the SBP amendment in the National Assembly yesterday, the National Bank of Pakistan “has now become the national bank of the International Monetary Fund.”

In a press conference held with PML-N leader Musaddik Malik, Miftah stated that the government is “completely dependent” on the policies of international money lenders.

Federal Minister for Finance Shaukat Tarin yesterday presented the much-awaited supplementary finance bill — termed by the Opposition as a “mini-budget” — in the National Assembly, as a pre-requisite to resume the $6 billion External Fund Facility (EFF) of the IMF.

The Opposition staged a vehement protest and chanted slogans to prevent Shaukat Tarin from introducing the The Finance (Supplementary) Bill, 2021 and State Bank of Pakistan (Amendment) Bill, 2021 in the House.

“State Bank is now a higher authority than the parliament […] we are not against the State Bank’s autonomy, but now, there will be no oversight of the fiscal and monetary policy,” Ismail said.

The PML-N leader said the government will not be able to borrow loans from the central bank now, as he lashed out at Prime Minister Imran Khan for “surrendering before the IMF”.

“Even if a flood hits the country, the government cannot take loans from SBP,” he said.

The former finance minister also pointed out that without the approval of the National Bank of the International Monetary Fund, the parliament can no longer distribute summaries.

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