A Critical Evaluation of the Imf Program In Pakistan: A Case Study

Abstract

This study has been undertaken to analyze the performance of Pakistan‟s economy vis a vis IMF programs, to gauge whether IMF has been successful or if it has failed to revive the potential of Pakistan‟s economy in the past thirty years (1988-2017). In this regard, we have used four different frameworks (recidivism, program completion, before-after analysis, and case study approach) to comprehensively conclude the results. Data was collected from secondary sources, mainly the Ministry of Finance, State Bank of Pakistan, International Monetary Fund and Pakistan Economic Survey. The study proves that IMF has failed to improve the economy of Pakistan and the country was unable to benefit much from these programs. It must be borne in mind that while Pakistan has undergone 12 different IMF programs in the specified time period, only three programs were successfully completed, yet, they too were unable to sustain the fruit of the program, so that Pakistan had to continuously revert to the IMF. Today, Pakistan once again tethers on the edges and is on the path to secure yet another bailout program, despite historical data suggesting otherwise. Our study concludes that the IMF has done little and damaged more, when it comes to the state of economy in Pakistan.