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The aftershocks of govt-IMF agreement

The aftershocks of the agreement with IMF are being felt by trade, industry and all segments of society. Most-affected are the middle- and lower-middle classes. More will sink below the…

Agreement with the IMF

The IMF staff and the Pakistani authorities have finally reached a staff-level agreement on the 14th of July on policies to complete the seventh and eighth reviews of the Extended…

IMF staff agreement

There is considerable uncertainty as to the specific/precise time-bound conditions and structural benchmarks signed-off by Pakistan’s economic team leaders - Finance Minister Dr Hafeez Sheikh and Governor State Bank of…

Macroeconomic projections of IMF, WB

There have been two very recent sets of macroeconomic projections for Pakistan. The first is in the IMF Staff Report on the Extended Fund Facility for Pakistan. The second set…

Economic resilience and IMF surcharges

‘Supporters of the surcharges argue that the additional fees discourage debtors from borrowing excessively from the IMF. But this moral-hazard argument ignores that loans require approval from the Fund’s Executive Board, which…

Dated IMF staff report

The International Monetary Fund (IMF) uploaded documents early 11 October Pakistan time, nearly thirteen weeks after the Staff Level Agreement (SLA) was reached on 12 July on a 7 billion-dollar…

Speaking out in defence of IMF lending

Following the approval of a $7 billion funding agreement by International Monetary Fund (IMF) Executive Board, there is a certain amount of optimism that this bailout takes care of all the…

IMF programme: lack of ingenuity?

The narrative led by Prime Minister Shehbaz Sharif and Finance Minister Muhammad Aurangzeb is that the economy has begun to show signs of improvement, reflected by a contracting current account…

Performance targets in IMF programme

The newly approved IMF Programme in the form of a 37-month Extended Fund Facility can be considered as perhaps the toughest ever for Pakistan. This conclusion is reached after a…