Criticizing the new bill in Pakistan’s National Assembly, the country’s former finance minister Miftah Ismail said that with the government’s unveiling of a new amendment bill, the Bank of The State of Pakistan (SBP) has “now become the State Bank of the IMF”.

The Pakistani government was “completely dependent” on the international moneylender for its policies, The News International reported citing the leader of the Pakistan N Muslim League, Miftah Ismail, as having criticized the SBP amending bill during of a press conference on Friday. Ismail also said that the State Bank is now a higher authority in parliament.

“We are not against the autonomy of the State Bank of Pakistan, but now there will be no more monitoring of fiscal and monetary policy,” Ismail said, quoted by The News International.

Taking on Prime Minister Imran Khan, he said the Pakistani government would no longer be able to borrow much needed money from the State Bank of Pakistan as the government surrendered to the IMF.

Ismail also said that even if a flood hits the country, the Imran government cannot take loans from the SBP.

Addressing the government, he said that parliament can no longer release summaries without the approval of the “State Bank of the IMF”.

(With ANI inputs)