Congress accuses Modi-led govt of ‘buckling’ under US pressure at IMF meet for Pakistan loan sanction

The Congress on Saturday accused Prime Minister Narendra Modi led BJP government of buckling under US pressure at the International Monetary Fund (IMF) executive board meeting on May 9.

Pakistan has acquired the second instalment of special drawing rights amounting to 760 million ($1,023 million) from the IMF through the extended fund facility programme.

Last week, India abstained from voting at the International Monetary Fund’s Executive Board meeting, expressing serious concerns about IMF bailout packages for Pakistan. India highlighted Pakistan’s status as a long-term IMF borrower with poor compliance regarding programme conditions. India also raised doubts about the efficacy of IMF support, given Pakistan’s poor track record, while aslo stating that the possible use of debt financing resources to support cross-border terrorism through state mechanisms.

Today, MP and senior Congress leader Jairam Ramesh in reaction to IMF’s loan sanction to Pakistan said,"Defence Minister Rajnath Singh is now criticising the IMF for approving the over $2 billion in loans to Pakistan on May 9th, 2025."

“On April 29th itself – before the Modi Govt woke up – the INC had said that the IMF Executive Board was meeting on May 9th to consider this issue and that India should oppose it forcefully," he said.

“As it turns out India only abstained on May 9th. Later the Modi Govt’s drumbeaters, cheerleaders, and apologists argued that this was the only option available to India. This is a lie. There is indeed a provision to vote No in the Executive Board. Russia had voted No on a loan proposal to Ukraine in September 2016 and India herself had voted No on 11th September, 2005,  on the issue of the expulsion of Zimbabwe,"he added.

“Where there is a will there is a way. The Modi Govt simply buckled under US pressure on May 9th at the IMF Executive Board meeting," he said.

India