India to oppose Pakistan's $1.3-billion bailout package from IMF today
What's the story
India's Executive Director at the International Monetary Fund (IMF) will present India's position at an upcoming board meeting on Friday.
The meeting will consider a proposed $1.3 billion loan for Pakistan.
At a press briefing on Thursday, India's Foreign Secretary Vikram Misri said, "Tomorrow (Friday) there is a meeting of the board of the IMF, and I'm sure that our executive director will put forward India's position."
Review process
IMF board to review Pakistan's extended funding facility
The IMF executive board will meet Pakistani officials on May 9 for the first review of an extended funding facility.
It will also discuss a request for an arrangement under a resilience and sustainability facility.
Misri stressed the decision should be based on facts, saying, "The case with regard to Pakistan should be self-evident to those people who generously open their pockets to bail out this country."
Funding scrutiny
India's call for review of Pakistan's IMF funding
India is asking the IMF board members to look deeply into the facts, given Pakistan's history of bailout programs.
Misri observed that most IMF bailout programs sanctioned in the past three decades have failed to reach a successful conclusion.
"So, I think this is a decision that board members have to take by looking deep within themselves and looking at the facts," he said.
Multilateral scrutiny
India's push for review of multilateral funding to Pakistan
India is also advocating for a review of funding to Pakistan by other multilateral agencies.
India has urged the Financial Action Task Force (FATF) to consider placing Islamabad on its gray list.
The government is in touch with bodies like the World Bank and Asian Development Bank, which are funding projects in Pakistan, in this regard.