Cooking the books

Article Abstract:

Pakistan hid the size of its budget deficit under Nawaz Sharif, former premier, in order to obtain support from the International Monetary Fund. Exports dropped in the 1990s, as did investment and savings. Pakistan is seeking further aid from the IMF, but many western governments have frozen aid due to the military rulers of Pakistan being reluctant to consider an early return to civilian rule. Lack of support from the IMF would hit the Pakistani economy and mean that funds would be lacking for debt repayments.

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The rot in Pakistan

Article Abstract:

There is a need for greater accountability in Pakistan before further aid is granted by the International Monetary Fund (IMF). Accountability is absent if a free press and independent judiciary are lacking, and prime minister, Nawaz Sharif, has attacked institutions and individuals that he perceives as a threat. There is an argument that Pakistan's government should be supported for fear of a worse alternative, such as a Taliban-style government. This argument is flawed in that there is little electoral support for fundamentalism in Pakistan, and aid granted for this reason may prevent a better alternative from emerging.

Administration of General Economic Programs, National Government, Public Administration, Foreign Economic & Financial Assistance, Editorial, Political activity, Foreign economic assistance, Democracy, Sharif, Nawaz

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More taxing

Article Abstract:

Pakistan has agreed to reform measures in negotiations with the International Monetary Fund (IMF), and has introduced a sales tax which has aroused opposition. Companies argue that they are not able to deal with the accounting involved in a sales tax. Tax evasion is common among businesses in Pakistan, and income tax is paid by only some 1% of Pakistanis. The new tax has to be successfully implemented if Pakistan is to stay on good terms with the IMF. Pakistan faces a number of economic problems such as the size of its trade deficit, which is increasing.

Public Finance Activities, Tax Administration, Tax reform

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