PML-N's Miftah Ismail dubs SBP as 'State Bank of IMF'

PML-N leader Miftah Ismail on Friday said after the government's unveiling of the SBP Amendment Bill in the National Assembly yesterday, the State Bank of Pakistan has "now become the State Bank of IMF".

Addressing a press conference alongside PML-N leader Musaddik Malik, he said said the government was completely reliant on the international money lender for its policies.

The former finnace minister said the central bank is now a higher authority than the parliament, adding "we are not against the State Bank's autonomy, but now, there will be no oversight of the fiscal and monetary policy".

The PML-N leader said the government would not be able to borrow loans from the central bank now, as he lashed out at Prime Minister Imran Khan for "surrendering before the IMF".

"Even if a flood hits the country, the government cannot take loans from SBP," he said.

The former finance minister also noted that now the parliament can no longer circulate summaries without the "IMF State Bank's" approval.

Commenting on the Finance (Supplementary) Bill 2021, Ismail said inflation would surge in the country as the government had introduced a wide-range of taxes on edible and commonly used items.

"If the country receives a donation, it will also be taxed. Only Toshakhana gifts and the air we breathe will not be taxed," the PML-N leader said.