The International Monetary Fund (IMF) has criticised Pakistan heavily for discrepancies in its trade data, amounting to USD 11 billion over the past two years. The IMF said the underreporting of import data could affect Pakistan’s economic growth and export performance even as it expressed concern over the unfulfilled structural reforms. Notably, it has contemplated revising the GDP projection downward to 3.5 percent, against the Pakistan government’s target of 4.2 percent.
IMF officials refused to issue a loan tranche of about USD 1.25 billion after coming across Pakistan’s apathy regarding fiscal discipline and commitment to structural reforms. Pakistan had sought “grace time” to fulfil pending pledges and structural reforms. But the IMF denied it over budget mismanagement, opaque spending, and rising defence expenditures amid unfulfilled pledges, thus posing further threats to Pakistan’s fragile economy. “The IMF team and the authorities will continue policy discussions with a view to settling any outstanding issues,” said the IMF.
People of Pakistan said the IMF’s exposé brought shame to the country as they expressed a lack of trust in their politicians and army. Ehsan Anees said “This is a national embarrassment. USD11 billion missing from trade data isn’t an ‘error’, it’s systemic rot and cooked books. When even the IMF demands honesty, you know the numbers and the managers behind them, can’t be trusted.” IMF supported criminals and money launderers in Pakistan, said one on the X platform.
IMF asked the Islamabad government to correct the trade data and make it public after it found discrepancies of a whopping USD 11 billion. Mohammad Zubair, former Governor of Sindh Province and Pakistan’s former Privatisation Minister, said “How embarrassing. IMF has to point this out. USD 11 billion of discrepancy in our trade numbers over the last two years. This government can do nothing good. Messed with the economy wasn’t enough. Now this major embarrassment. Not a small amount – USD 11 billion.”
Noting the fact that the statistical office’s system had not been updated since 2017, the IMF demanded data transparency and modernised reporting systems. Media consultant and senior journalist Shafek Koreshe said figure fudging by Islamabad was not a new thing and had happened in the past as well. “The recent episode only confirms the lack of capacity of the Shehbaz Sharif government, which has neither legitimacy nor competence. Yet another national embarrassment,” he said.
Pakistani national Rida Rubab said “All IMF money goes directly to offshore accounts of Pakistan Army generals & politicians.” Another Pakistani named Gohar Tabassum, criticised Pakistan’s Deputy Prime Minister Ishaq Dar, who is also an accountant, for corruption when the country was witnessing growing poverty and unemployment. “Ishaq Dar has a history of tampering with data. It is normal for him. Ishaq Dar manipulated variables of the Economic data to show reasonable growth,” he said.
Opposition party Pakistan Tehreek-e-Insaf slammed the Prime Minister Shehbaz Sharif government and the Army Chief Asim Munir-led military for considering Pakistan as collateral and governing without any accountability. “IMF raises serious alarm on Pakistan’s missing USD 11B in imports! IMF demands answers. What is being hidden? The military-led PDM is running the country as if the nation itself is collateral, without accountability. Everyone must demand answers! The status quo risks dragging the nation into a complete disaster,” it said.
Pakistani officials admitted the discrepancies in the trade data submitted to the International Trade Centre (ITC) after the IMF asked Islamabad to prevent “mistrust between the government and data users” and resort to a clear communication policy to show discrepancies in trade figures and changes in methodology. Yet, Pakistani officials have appeared reluctant to rectify errors and make the data public.
Hina Maood from Pakistan asked the IMF why the loan was granted to the corrupt Islamabad government. “This is not the debt of Pakistan’s people, and we refuse to own it. Kindly recover it from those who stole both the mandate and the nation’s wealth under your watch,” she said. Another fellow citizen named Imran picked holes in the credibility of Pakistan’s trade sector data. “Now the IMF has told the illegitimate government’s thugs: Why don’t you tell the public, where have you hidden your 11 billion dollars—in the cupboard, in Panama, or in London flats?” he said.
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