After the IMF deal

Description

This article assesses Pakistan’s 2023 Stand-By Arrangement with the International Monetary Fund, arguing that it provided temporary financial relief but did not resolve the country’s underlying economic vulnerabilities. It identifies inflation, low foreign-exchange reserves, external debt, fiscal indiscipline and weak governance as continuing challenges. The article calls for sustained structural reforms, including stronger revenue mobilisation, improved tax administration, debt restructuring, cost-reflective energy pricing, enhanced social protection and a more competitive trade and investment environment.