ISLAMABAD: A leading business watchdog of the country has termed the policies of International Monetary Fund (IMF) and World Bank (WB) as ‘financial terrorism’.
Pakistan Businessmen and Intellectuals Forum (PBIF) President Mian Zahid Hussain, who is also first Vice Chairman of FPCCI Businessmen Panel said that IMF and World Bank policies are pushing developing countries to bankruptcy to achieve objectives of the west. Many countries are reeling under pressure despite getting loans to the tunes of billions while some have been bankrupted due to dictatorship in the lending institutions that prefer objectives of US and some European countries over everything, he said.
In a statement, Zahid Hussain said that IMF is responsible for the miseries of many as it force countries to mass layoffs, deregulation, deep social spending cuts, wage and pension freezes or cuts, unrestricted free market access for Western corporations, tax increases for working class, crushing trade unions, ignoring human rights, squeeze middle class, and devalue currency.
He said that on paper all 188 member countries have say in the IMF decision but on ground US and major EU economies call the shots which has increased poverty across the developing world.
