IMF 'not interested' in releasing loan money to Pakistan: Miftah Ismail.

ISLAMABAD -- As Pakistan continues to woo the International Monetary Fund (IMF) to secure the much-needed bailout from the global lender, former finance minister Miftah Ismail claimed that the Washington-based lender is 'not interested' in giving money to the cash-strapped nation.

Pakistan is now the only South Asian country that's yet to secure a bailout from the multilateral lender as Sri Lanka clinched financing this week and Bangladesh pushes on with carrying out IMF-mandated reforms.

Pakistan has taken tough measures including increasing taxes and energy prices, and allowing its currency to weaken to restart a $6.5 billion IMF loan package. The funds will offer some relief to a nation still reeling from a dollar shortage that has raised the probability of the economy slipping into a recession ahead of elections this year.

Pakistan Muslim League-Nawaz (PML-N) leader Miftah, while speaking during a session titled 'Pakistan in the midst of crisis' organised by a private university in Karachi, said that when he was heading the Ministry of Finance, he spoke to the IMF officials and assured them that Pakistan would not make false statements or violate the agreement; however, when Ishar Dar was sworn in 'he sabotaged the agreement'.

He recalled that Pakistan has three times made sovereign commitments and has then gone back on them.

'Now the IMF is not interested in giving money to Pakistan,' he said, emphasising that the Washington-based lender doesn't trust the government in Islamabad.

Regarding the petrol relief subsidy announced by the government on Sunday, Miftah said that he believes this formula would not be effective.

'We provide...