Chronic dependence

Pakistan’s persistent reliance on the IMF, now in its 24th programme, highlights a fundamental failure to achieve economic independence. Despite continuous budgetary guidance from the IMF, the nation remains ensnared in a cycle of borrowing to cover deficits. This enduring dependency raises serious questions about the effectiveness of past interventions and the sincerity of recurrent governmental promises of economic reform. The rhetorical nature of these commitments is underscored by the country's frequent near-bankruptcies. To break free from this chronic dependency, a comprehensive strategy focusing on accountability, transparency, and domestic resource utilisation is crucial. Establishing robust accountability for loan management and curbing exorbitant government expenditures are essential fiscal reforms. Policymakers must adopt a long-term vision, moving beyond temporary fixes to fundamentally restructure the economy, ensuring sustainable development and true economic sovereignty.

Anwar Sayab Khan

Bannu