By Admin 
Pakistan’s efforts to manage its economy have suffered a major setback. The International Monetary Fund (IMF) has raised serious questions on the functioning, transparency and structure of Pakistan’s Special Investment Facilitation Council (SIFC). This council was formed under the leadership of Army Chief Field Marshal Asim Munir, so that foreign investment could be brought into the country, but according to the IMF, it has not yet been able to achieve its goals.
IMF’s displeasure
The IMF has demanded from the Pakistan government that the annual report of SIFC should be made public, in which it should be clearly stated how many investments it brought and on which projects work was done. IMF says that this institution is working without any constitutional status and is not capable of taking responsibility for its decisions.
SIFC failed on foreign investment
Even after three years, SIFC has failed to bring any major foreign investment. Many foreign companies have closed their businesses from Pakistan, which include big companies like Pfizer, Procter & Gamble, Shell, Telenor, Careem, Sanofi-Aventis, and Eli Lilly.
Concern over increasing military interference
The role of the army in SIFC is quite prominent. IMF and economic analysts have expressed concern about this. He says that if wrong economic decisions are taken then no organization will take responsibility for it.
economic condition of pakistan
After the departure of Imran Khan government, Pakistan’s economy is continuously becoming weak. Inflation is increasing in the country, foreign exchange reserves are decreasing and the rupee is continuously weakening.
SIFC official himself admitted shortcomings
Council’s National Coordinator Lieutenant General Sarfaraz Ahmed has also admitted that policies like heavy taxes and super taxes are hindering economic development. He said that Pakistan will have to improve its economic model and investment policies.
Now what next?
SIFC was created to bring foreign investment so that there is speed and transparency in decisions, but now after the displeasure of IMF, there is pressure on the Pakistan government to make major reforms in this institution or change it completely.