Tracking IMF’s performance

E-Paper | June 12, 2026

Of the last six programmes, Pakistan has completed two: the 2000 and 2013 ones. The illustration shows key indicators — growth, twin deficits and inflation — at the beginning and the end of each programme. It is evident that the indicators did not improve across the board under the IMF tutelage. While the fiscal deficit declined after each programme, the current account balance worsened twice and inflation increased after the 2001 programme. The growth rate often dips when the policy thrust is towards stabilisation.

Published in Dawn, The Business and Finance Weekly, May 20th, 2019

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Asiya andrabi

May 20, 2019 02:21pm

IMF ideology is free-market capitalism. Pakistan ideology is socialism. This mismatch is the cause is sour relationship.

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Bhaijan

May 20, 2019 02:43pm

Everyone has liberty to define Pak ideology. Pak ideology is neither capatalism nor socialism. So far no social security administration exist in Pak. The poor is sliding towards swamps of poorest. The rich dumping their profits abroad senselessly, and the political elite corrupt leaders have gather their fortunes in free ports, offshore safeheavens, and Pak democracy is such flexible tolerant, not a single corrupt bent to return nation’s money, and nation is totally left to struggle its monthly expenditures.

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Jawed Saleem

May 20, 2019 03:43pm

Economic growth is a function of *domestic* productivity growth. What matters is investment in building your own institutions and improving labor skill. Idea to borrow from outside, and task some other country with building your infrastructure/institutions, haven't worked - import-led growth is always artificial. Also, we borrow in dollars, while most revenue from the projects are in rupees - devaluation impact the vicious cycle negatively. This is a big problem for two reasons.

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Alba

May 20, 2019 05:39pm

@Bhaijan, ... The problem is the legal system, even the concept of what Law should be.

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anon

May 20, 2019 11:38pm

Tracking IMF's Performance?! Shouldn't the title have read "Tracking Pakistan's Performance" instead? After all, it was Pakistan that had successfully completed only two of the 13 programs it entered into with the IMF. It was the Pakistani establishment that balked at taking the medicine that was on offer.

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Malik

May 21, 2019 12:18am

@Asiya andrabi, And just how is Pakistan's ideology centered around socialism. Please do elaborate ?

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