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