The article emphasizes the necessity of structural reforms for Pakistan’s long-term economic growth. The country needs to achieve a growth rate of at least 6 per cent to reduce poverty, unemployment, and regional disparities. However, each time the economy attempts to grow at this pace, it faces a balance-of-payments crisis. Contrary to popular belief, reforms are not forced upon Pakistan solely by the IMF. Instead, the country requires these reforms to address its irresponsible financial management.
If the ruling elite accepted the need for reforms and initiated durable economic changes, Pakistan could avoid relying on the IMF altogether. However, the political elite resist necessary reforms. To overcome this situation, the formation of a coalition with the political will to implement reforms that have broad public support is necessary.
Motiya Ghulam Halepoto
Tando Muhammad Khan
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