(IRC-Jubilee Debt UK)
The people of Pakistan have suffered from a crippling debt for 40 years. This debt has done little for the majority of Pakistanâ€™s people â€“ instead it has increased inequality and deepened impoverishment. Today, 50 million people in Pakistan live below the poverty line- BUT if we get behind them now — following the recent change of government, we can start to change this
The global financial crisis, the horrific floods of 2010 and the so-called â€˜war on terrorâ€™ have all made Pakistanâ€™s debt spiral out of control, precipitating an economic crisis within Pakistan, and furthering inequality, injustice and instability in the region. Debt payments are increasing rapidly this year as these loans come to be repaid.
In response to repeated debt crises, the International Monetary Fund (IMF) provided â€˜bailoutâ€™ loans to ensure Pakistanâ€™s creditors keep getting paid. For 29 of the past 40 years Pakistan has received loans from the IMF, which amounts to one of the most sustained periods of international lending to any country. The people of Pakistan need immediate relief from these crippling debts.
This can only be achieved through a debt audit to ascertain which debts should be cancelled, progressive taxation to create a more equal and productive economy and alternative solutions to the IMFâ€™s structural adjustment policies. Following this yearâ€™s election, crucial decisions are being made on how on how to deal with Pakistanâ€™s debt. The people of Pakistan must be free to decide upon their own economic future â€“ a future without the crippling burden of inherited debts.
PLEASE SIGN THIS URGENT PETITION TO THE IMF TO CANCEL PAKISTAN’S DEBT!