The Pakistani government is facing increased pressure from the IMF to meet the requirements of its financial stabilisation programme, agreed in 2008, including the full implementation of a value added tax (VAT) and specific foreign borrowing targets (see Update 71). At the same time, fears over the cost of increased borrowing from IFIs remain evident, with finance minister Abdul Hafeez Shaikh stating that although Pakistan may need a follow up loan from the Fund, “in the long run we have to get rid of the IMF because it’s expensive.” His comments echoed those from the provincial government of Khyber Pakhtunkhwa, which in May rejected a $100 million World Bank loan. A senior official from the provincial finance department said that, “this loan may enlarge fiscal space for the next budget, but the government and people will have to pay a price for it.”
This briefing examines the trajectory of China's evolving leadership in international development finance, including the impact of it's massive increase in development finance for developing countries.
This briefing provides an overview of the immunity of international organisations in US law, looking at a lawsuit brought against the IFC regarding the Tata Mundra coal power plant in India.
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