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IMF

Heartless Stabilisation

The design of the newly-approved IMF programme for Pakistan is under scrutiny. Many, including myself, believe that this is a 1980s vintage of the ‘stabilisation first’ programme which has already lost its charm, particularly after the…

Take The Risk

The charter of the IMF limits it to providing short-term balance of payments assistance to a member country. During the period of its financial assistance, the IMF is expected to gives sound economic policy advice to the country to correct…

Disaster Ahead

In my previous three articles (September 17, September 24 and October 1), I have summarised the various aspects of the IMF programme and its likely impact on Pakistan’s economy in general and the people of Pakistan in particular. Let me…

Hundred Days Of Economic Management

During the five-year tenure of the PPP-led government, loadshedding became rampant affecting the productive activities and daily lives of people, growth rate declined to an annual rate only slightly higher than the population growth, saving…

More On The Programme

Last week (September 17), I wrote on the design of the newly approved IMF programme for Pakistan. My view was that the programme is of the 1980s vintage with a focus on ‘stabilisation first’, emphasising on budget deficit reduction and…

The Balance Of Payments Outlook

In response to questions by journalists about the costs and benefits of entering into a new loan arrangement with the IMF, the finance minister rightly pointed out that the country would have defaulted on its external debt repayments…

Moment Of Opportunity

In setting his priorities at the outset of his tenure Prime Minister Nawaz Sharif emphasised that the economy and energy crisis would receive his urgent attention, as would the removal of obstacles to Pakistan’s economic revival. Among…

The IMF Programme

The Executive Board of the IMF has approved a 36-month programme under the Extended Fund Facility (EFF) for US$ 6.68 billion on September 4, 2013. After the board approval, the IMF has released the first tranche of $540 million to the…

The Next IMF Deal

THE International Monetary Fund board will be meeting tomorrow, Sept 4, to review Pakistan`s application for support. It is a foregone conclusion that the board will approve the programme designed by the Fund`s staff to grant us financing…

A Nation’s Debt

The prime minister, in his address to the nation, expressed his concern about the rising debt of the country. His concern was right because high and rising debt constitutes a serious threat to economic prosperity. It acts as a major…