Taking a tough stance, India has batted for “stringent monitoring” of any emergency funds provided by the International Monetary Fund (IMF) to its financially beleaguered neighbour Pakistan, stressing that such funds must not be redeployed towards defence bills or repayment of loans from other countries.
India’s position was put across to the IMF’s executive board by its nominee, executive director Krishnamurthy Subramanian, during a recent review of an ongoing $3 billion short-term Stand-By Arrangement (SBA) granted to Pakistan by the Fund last July. India has usually abstained from voting on loans sought by Pakistan and did the same last July when the SBA was approved.
