Jammu and Kashmir chief minister Omar Abdullah on Saturday questioned the International Monetary Fund’s (IMF) decision to provide Islamabad with a $2.3 billion bailout package amid ongoing tensions between India and Pakistan.
In a post on X, Abdullah pointed out that the IMF “essentially reimburses” Pakistan for the ordinance it is using to devastate Poonch, Rajouri and other places in Jammu and Kashmir. Follow live updates.
“I’m not sure how the “International Community” thinks the current tension in the subcontinent will be de-escalated when the IMF essentially reimburses Pakistan for all the ordnance it is using to devastate Poonch, Rajouri, Uri, Tangdhar & so many other places,” Abdullah wrote on X.
The Indian government on Friday contested IMF's decision to provide a $2.3 billion bailout package to Pakistan, citing its poor track record of misusing development funds and abstained from a vote on it at the IMF board’s meeting.
{{/usCountry}}The Indian government on Friday contested IMF's decision to provide a $2.3 billion bailout package to Pakistan, citing its poor track record of misusing development funds and abstained from a vote on it at the IMF board’s meeting.
{{/usCountry}}The meeting approved the Extended Fund Facility (EFF) lending programme ($1 billion) and a fresh Resilience and Sustainability Facility (RSF) lending programme ($1.3 billion), a government statement said.
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“As an active and responsible member country, India raised concerns over the efficacy of IMF programs in the case of Pakistan given its poor track record, and also on the possibility of misuse of debt financing funds for state-sponsored cross-border terrorism,” the finance ministry said in a statement.
While registering its protest during the meeting, India pointed out that rewarding continued sponsorship of cross-border terrorism sends a dangerous message to the global community, exposes funding agencies and donors to reputational risks, and makes a mockery of global values.
Negative voting is not allowed in the IMF’s executive board. A member can either vote in favour of a proposal or abstain.
The IMF bailout package to Pakistan comes amid escalating tensions between India and Pakistan that have continued unabated since India's May 7 strikes on terror camps and Pakistan's subsequent shelling of border areas.