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IMF & WORLD BANK

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SaveSave IMF & WORLD BANK For Later
IMF AND TH
E WORLD BA
NK
The World Bank a
nd the Internationa
l Monetary Fund
were created in 19
44 by leaders of th
e 44nations at the
Bretton Woods Co
nference. After Wo
rld War II a critical
reuire!ent was
raised for a new in
ternational !
onetary syste! to a
ssua"e the fears of
the Western leader
s of an unre"ulated
world !arket leadin
" to a return to de#
ression$ #o%erty
and another world
war.There has bee
n the uestion ab
out the o%erla#
of the IMF and W
orld Bank&s res#
ecti%e roles.Both
are co!!itted to
'raisin" li%in"
standards in their
!e!ber countries$(
but the IMF isfina
ncial in nature$ co
ncentratin" on sho
rt and !ediu!)ter! l
oans to hel# count
ries !eet balanceof
#ay!ent needs$ wh
ile the World Ban
k is funda!entally
a de%elo#!ent inst
itution$ focusin" o
ntechnical and fina
ncial su##ort for s
#ecific #ro*ects or
sectorial refor!
s.Basically$ the B
ank was res#onsib
le for financin" lo
n")ter! #roducti
%e in%est!ent in
!e!ber countries
while the IMF wa
s to #ro%ide
loans to o%erco!
e short)ter! balan
ce of #ay!
entsdeficits.The I
MF+s stated "oal
was to assist in th
e reconstruction o
f the world+s inte
rnational #ay!
entsyste! #ost,Wor
ld War II. -ow$ it
has e%ol%ed into
international or"an
iation of 1// cou
ntries.Its ob*ecti
%es are to
“foster global mo
netary cooperatio
n, secure financial
stability, facilitatei
nternational trade
, promote high e
mployment and su
stainable economi
c growth, and red
uce poverty aroun
d the world.”
While the World
Bank ) initially k
nown as the 'Inter
national Bank for
0econstruction an
de%elo#!ent( )
was concerned #ri
!arily with
#ost)war reconstr
uction of 2uro#e.
After thei!#le!
entation of the Ma
rshall 3lan in 194
$ its focus shifte
d to the non)2uro#
ean world whereit
#ro%ided de
%elo#!ent loans ta
r"eted at hel#in" d
e%elo#in" countri
es create inco!
e)"eneratin"infrast
ructure 5#ower #la
nts$ sea#orts$ hi"
hways$ etc.6.It co
ncentrates its lend
in" on creditworth
y "o%ern!ents of
de%elo#in"
nations$ and s#lit
s itslendin" acti
%ities between the
International Bank
for 0econstruction
and e%elo#!ent
5IB06and the Int
ernational e
%elo#!ent Associa
tion 5IA6.The I
MF has !e!ber
countries contribu
te funds to a #ool
throu"h a uota s
yste! fro! whichco
untries with #ay!
ent i!balances te!
#orarily can borro
w !oney and other
resources. Throu"
hthis fund$ and ot
her acti%ities such
as statistics kee#in
" and analysis$ sur
%eillance of its !e!
bers+econo!ies an
d econo!ic #olicies
7 and the de!and f
or self)correctin" #
olicies$ the IMF w
orks toi!#ro%e the
econo!ies of its !e!
ber countries.8n th
e other hand$ the
World Bank finan
ces its lendin" by
borrowin" on the i
nternational bond!
arket. For the first
decades of its eis
tence$ the World
Bank built u# its r
e#utation as a lend
er and established
its own creditwort
hiness.The IMF n
e"otiates conditio
ns on lendin" and
loans under their
#olicy of conditio
nality$established
in the 19:;s. 8n th
at front$ in the 19
/;s the World Ban
k be"an to #ress s
o)called'<tructural
Ad*ust!ent 3olicie
s( on loan reci#ien
ts$ includin" !
andates to de
%alue currencies o
r
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reduce "o%ern!ent
s#endin" in %ario
us areas$ as #re)co
nditions for lendin
". The Bank also b
e"an #ro%idin" le
ndin" to hel# "o
%ern!ents ser%ice
the debts they had
racked u# in #re
%ious rounds of le
ndin".
REALITY
While the World
Bank and the IMF
are often seen as t
hese bene%olent
entities that kee#
on"i%in" in the n
a!e of "lobal infra
structure de
%elo#!ent and #o
%erty reduction7
what liesundernea
th all this is not th
at si!#le$ or #rett
y.The conditions t
hat the Bank and
IMF i!#ose on co
untries recei%in"
the loans are a lot
of theti!es$ debili
tatin" for their ec
ono!ies. 8nly cert
ain co!#anies or #
arties benefit fro!
thesearran"e!ents.
-ot only are de
%elo#in" countrie
s incurrin" !a*or
debt$ they also lo
se controlo%er !
a*or decisions of
said country. It is
then the IMF and
World Bank that
dictate whatha##e
ns in certain s#her
es of the countries
#olicies and areas
. It hasn&t "one e
ntirelyunnoticed$
thou"h.ue to inc
reased scrutiny a
nd #rotest in the
early =;;;s$ the B
ank did ad*ust its
#olicies and #ract
ices. It now touts
en%iron!ental res
#onsibility in the i
nfrastructure #ro*
ects it #ro
%idesloans for an
d #laces "reater e
!#hasis on the
"oal of #ro!otin"
econo!ic en"a"e!
ent by the #oorest
#eo#le in its tar"e
t countries.More
on the condition f
ront7 for two dec
ades the World B
ank and the IMF
ha%e forcedde
%elo#in" countrie
s to create conditi
ons that benefit
Western cor#orati
ons and "o%ern!
ents.These conditi
ons are known as
<tructural Ad*ust
!ent 3ro"ra!s 5<A
3s6. <A3s reuir
e"o%ern!ents to>
cut #ublic s#endi
n"$ raise interest
rates$ thus reduci
n" access to credit
7 #ri%atie state
enter#rises7 incre
ase e#orts7 and
reduce barriers to
trade and forei"ni
n%est!ent such as
tariffs and i!#ort d
uties. These !
easures are su##o
sed to "enerate e
#ort)led "rowth
that will attract fo
rei"n direct in
%est!ent and can
be used to reduce
debt and #o%erty.
?owe%er$ accord
in" to %arious stu
dies$ they end u#
#ro!otin" uite t
he o##osite7e#a
ndin" #o%erty$ i
neuality and in
security around th
e world$ tearin" a
t the heart ofecon
o!ies and the soci
al fabric$ fuellin"
etre!ist !o%e!
ents and dele"iti!
iin" de!ocratic
#olitical syste!s.A
re#ort #ublished t
oday by the Worl
d e%elo#!ent M
o%e!ent shows th
at the Internationa
lMonetary Fund&
s 5IMF6 new 3o
%erty 0eduction
<trate"ies are acti
n" as barriers to #
olicies benefitin"
the Many de
%elo#in" countrie
s suffered increas
es in #ros#erity$
acco!#anied bydr
a!atic increases in
ineuality and c
hild #o%erty und
er the aus#ices of
IMF and WorldB
ank ad*ust!ent #r
o"ra!!es. In count
ry after country$
structural ad*ust!
ent #ro"ra!
s5<A3s6 ha%e re
%ersed the de
%elo#!ent succes
ses of the 19@;s a
nd 19;s$ with !
illionsslidin" into
#o%erty e%ery y
ear. 2%en the Wo
rld Bank has had t
o acce#t that <A3
s ha%e failedthe
#oor$ with a s#ec
ial burden fallin"
on wo!en and chil
dren. et to"ether
with the IMF itstil
l de!ands that de
%elo#in" countrie
s #ersist with <A
3s.Moreo%er$ th
e IMF and World
Bank ha%e been
criticised for usin
" a one sie fits
all a##roachon all
such de%elo#in"
countries$ which
then fall dee#er in
to the crises$ and
ne"otiate on !
oreloans. 2nsuin"
loans brin" with t
he! !ore condition
s ser%in" the We
st. The cycle cont
inues.

Basically$ these
two entities are
seen as a way for
the Western
#owers to retain
theirhe"e!ony of
sorts o%er the
econo!ic syste!
and ha%e a
con"lo!erate of
third
worldcountries
always de#endent
on
the!.3akistan&s
case is so!ewhat
like that$ too.
The #attern is as
follows7 !ore
IMF and
WorldBank loans
eual less
#ro"ress$ and
lesser in%ol%e!
ent of the two
euals&
#ro"ress. That&s
the #re!ise of this
re#ort. Althou"h$
it is to be noted$
that in so!e cases
that is not
necessarilytrue.
While the IMF
and World Bank
are !ostly bad for
the econo!y$
that&s not all that
thereis to it. The
leadershi#s own
#olicies and
eternal factors
do #lay a role in
what the
countryulti!ately
suffers or
celebrates.This
re#ort ai!s to see
what effect the
IMF and World
Bank ha%e had
on 3akistan o%er
theyears by
analysin" certain
key eras. -a!ely
that of>
ulfiar Ali
Bhutto$ ia
l ?a$ 3er
%eMusharraf$
Asif Ali
ardari$ and the
current leadershi#
of 3MD)-.Before
that7 ea!#le of a
few countries are
as follows>
Argentina
The 199/,=;;=
Ar"entine Ereat
e#ression was
an econo!ic
de#ression which
be"an in thethird
uarter of 199/
and lasted until
the second
uarter of
=;;=.The
de#ression$
which be"andue
to the 0ussian and
Brailian
financial crises$
caused
wides#read une!
#loy!ent$ riots$
thefall of the "o
%ern!ent$ a
default on the
country+s forei"n
debt$ the rise of
alternati
%ecurrencies and
the end of the
#eso+s fied
echan"e rate to
the < dollar.
The econo!
yshrank by =/
#ercent fro! 199/
to =;;=. In ter!s of
inco!e$ o%er :;
#ercent of
Ar"entineswere
#oor and =:
#ercent$
indi"ent7 se%en
out of ten
Ar"entine
children were
#oor at thede#th
of the crisis in
=;;=. By the first
half of =;; E3
"rowth had
returned$
sur#risin"econo!
ists and the
business !edia$
and the econo!y
be"an to "row at
an a%era"e 9G
#eryear. In =;;:$
Ar"entina+s E3
eceeded
#re)crisis le%el.
As of =;14$ the
default had not
beenco!#letely
resol%ed.
Ar"entina was
#lun"ed into a de
%astatin" econo!
ic crisis in ece!
ber=;;1Hanuary
=;;=$ when a
#artial de#osit
freee$ a #artial
default on #ublic
debt$ and
anabandon!ent of
the fied
echan"e rate led
to a colla#se in
out#ut$ hi"h le
%els ofune!#loy!
ent$ and #olitical
and social tur!oil.
These e%ents ha
%e raised
uestions
re"ardin"the
country+s
relationshi# with
the IMF because
they ha##ened
while its econo!ic
#olicieswere
under the close
scrutiny of an
IMF)su##orted
#ro"ra!. Further!
ore$ the IMF had
beenal!ost
continuously
en"a"ed in
Ar"entina since
1991$ when the
JCon%ertibility
3lanJ fiedthe
Ar"entine #eso at
#arity with the
.<. dollar in a
currency
board)like
arran"e!ent.
WhileAr"entina
e#erienced
stron" "rowth and
%ery low
inflation for !uch
of the 199;s$ it
fell intoa dee#
recession in 199/
and$ #artly
because of the
strictures of the
con%ertibility
re"i!e$ beca!e
increasin"ly
constrained in its
ability to use
standard !
acroecono!ic
#olicy tools
toen"ineer a reco
%ery. As the
econo!y slowed
and international
in%estors beca!e
ner%ous$
thecountry+s
already hi"h
eternal debt ser
%ice burden "rew
to a #oint where
the debt beca!
eunsustainable.

Source: IMF data
base
Ghana
<een as a 'star #u
#il( by the World
Bank and the IMF
$ Ehana #ri
%atied !ore tha
n 1; stateenter#r
ises @ includin
" the !inin" sector
5its !ain source of
re%enue6$ re!o
%ed tariff barrier
s and echan"e r
e"ulations and en
ded subsidies for
health and educati
on. As a result=;
G of Ehanaians ar
e une!#loyed and
the cost of food a
nd ser%ices has "
one beyond there
ach of the #oor. E
3 #er ca#ita was
lower in 199/ 5K
9;6 than it was i
n 19: 5K41167
/.4G of Ehanaia
ns li%e onK1 a d
ay and 4;G li%e b
elow the #o%erty
line7 :Gha%e n
o accessto health
ser%ices and @/
G none tosanitati
on.@: As with 
i!babwe$ the Wor
ld Bank&se!
#hasis on e#ort
e#ansion to red
uce debt has only
increased Ehana&
s eternal debt fr
o!K1.4billion in 1
9/; to K billion i
n 1999. This has !
ade Ehana sub*ec
t to the World Ba
nk&s?i"hly Indeb
ted 3oor Countrie
s initiati%e. In a"r
iculture$ Ehana u
sed to be self)suff
icient inrice but th
e World Bank insi
sted that subsidies
had to sto# and !
arkets had to o#en
. As aresult$ the
Latan"a %alley$
once Ehana&s ric
e bowl now lays f
allow and .<. ri
ce has beco!ethe s
ta#le for Ehanaia
ns since .<. rice
is subsidied7 th
erefore chea#er th
an that "rown inE
hana. ue to the t
a breaks and inc
enti%es "i%en to
forei"n co!
#anies$ !inin"&s
net forei"necha
n"e contribution t
o Ehana&s econo
!y has been !ini!
al. The sector&s c
ontribution to"o
%ern!ent re
%enue has also b
een s!all at 14.4G
in 199:. The secto
r e!#loys about=;
$;;;#eo#le but #ri
%atiation and t
he decline in co!!
odity #rices has le
d to cost)cuttin"w
hich has !eant !
assi%e layoffs7 !
any !ines substant
ially reduced their
labor force #artic
ularly durin"199
)=;;;. The <A3
has denied Ehanai
ans not only their
!ost lucrati
%eresource but al
so their !ost basic
and necessary one
> water. The Wor
ld Bank has decre
ed the #ri
%atiation of Eh
ana&s water su##
ly for the #ur#ose
of 'increased cost
reco%ery( ar"uin"
that a debt laden "
o%ern!ent should
not subsidie wa
ter and sanitation.
Instead$ consu!
erswill ha%e to c
o%er the costs of
o#eratin"$ !
aintainin" and e
#andin" water ser
%ices. This will!
ean hi"her water r
ates for #eo#le w
ho ha%e already
been !ade a!on"st
the #oorest in the
world by the Worl
d Bank&s <A3.Cl
early$ the World
Bank&s structural
ad*ust!ent of Eha
na is a tetbook e
a!#le of how tor
uin a country.

THE IMF, W
ORLDBANK
AND PAKIST
AN THROUG
H THE YEAR
S
World Bank assi
stance for 3akist
an traces back to
191$ when the
country recei
%ed K=:!illion I
A assistance for
cyclone)de
%astated 2ast 3ak
istan. World Bank
&s resident !
issionstarted in 1
99. 3akistan be
ca!e a !e!ber of
the International
Monetary Fund i
n 19:;. Thefirst ti
!e the Eo%ern!
ent of 3akistan o
#ted for a loan fr
o! the IMF was i
n 19:/. IMF&sres
tructurin" a"ree!
ent for 3akistan
was introduced i
n 1991 when the
#ri
%atisationco!!
ission was for!
ally established.A
s of anuary 1$
=;14$ the World
Bank+s #ortfolio
in 3akistan consis
ted of =4 acti%e
#ro*ectswith a tot
al co!!it!ent of K4
.4 billion. The Ba
nk !ana"es a Mult
i)onor Trust Fu
nd forconflict affe
cted areas of abou
t K1:.@ !illion$
which #ro%ides "
rants to L3$ FAT
A andBaluchistan
. In addition$ the
Bank !aintains an
etensi%e and o
n"oin" analytic w
ork #ro"ra!on a w
ide ran"e of econ
o!ic and sector s#
ecific to#ics.
World Bank Ope
rations in Pakista
n: 1952-2016
Source: orld !
an"
The Inds Water
Treat! and the Ba
nk"s in#ol#e$ent

The dis#ute o%er
the distribution of
water eru#ted into
crisis soon after t
he #artition of 2as
tand West 3un*ab
. The #artition of
3un*ab cut down
the ri%ers and ca
nals that !ade 3aki
stanthe lower ri#a
rian and India the
u##er ri#arian. In
dia interfered wit
h the water su##l
y on A#ril194/ by
cuttin" across 0a
%i and <utle*. 3a
kistan was facin"
the #ossibility of
acute shorta"eof
water and a"ricult
ure ruin. A 3akist
ani dele"ation wa
s sent to India to
uell the #roble!
$ but the situation
a""ra%ated day b
y day.8n <e#te!
ber 19:; the India
n "o%ern!ent a"re
ed to resol%e the
issue throu"h ad*
udication$ but de!
anded that there s
hould be a court i
n which two !e!
bers should be fro
! each sideand the
re would be one n
eutral chair!an. T
hese #ro#osals we
re acce#ted by 3a
kistan.Chair!an
World Bank$ 2u"
ene Black took th
e res#onsibility a
nd !ade a co!!ittee
of bothsides to o
%erco!e this #rob
le!. Critical dis#ut
es resolution was
the inter%ention
of the World Ban
k. Both countries
hada##lied to W.
B for de%elo#!
ent loans. W.B de
cided not to "i%e
loans to both the
countries.W.B wo
uld a##ro%e loan
s if three conditio
ns were !et> Indu
s basin had enou"
h water for both c
ountries7 the basi
n was treated as a
sin"le unit i!
#lyin" all the ri
%ers were to bedi
scussed$ #ast "rie
%ances #ut aside
and technical rath
er than a #olitical
focus retained.i
%ide Indus ri%er
basin into = #arts.
In India there will
be three eastern ri
%ers i.e. <utle*$
Beas and 0a%i. In
3akistan there wil
l be three western
ri%ers i.e. Chena
b$ helu!$ and th
eIndus.3akistan w
as not fully con
%inced by it there
fore refused to si"
n until 19:/. The tr
eaty wasfor!
alied in 19@;.
Thus on <e#te!
ber 19
th
$ 19@; an a"ree!
ent was si"n betw
een twocountries
in Larachi that is
known as Indus
Water Treaty.Me
anwhile$ as far as
the current 3akist
an)IMF relationsh
i# is concerned$ i
t continues to #la
yan i!#ortant role
in our econo!y. A
s of 1th ece!
ber =;14$ the IM
F board a##ro
%ed the 4
th
and :
th

#ro"ra! re%iews7
with a total of 
< 1.1 billion to
be disbursed.es
#ite eternal debt
bein" one of 3akis
tan&s bi""est #ro
ble!s$ and %ariou
s other issues inth
e country&s econ
o!y$ the IMF still
#ro%ides loans to
3akistan. 2terna
l debt is oftenres#
onsible for ne"ati
%ely effectin" ec
ono!ic "rowth whi
ch creates uncerta
inty anddiscoura"
es the #ri%ate sec
tor fro! in%estin"
in the econo!y.
Pakistan"s %&ter
nal 'e(t
Source: State !
an" of #a"istan

It is %ital to consi
der that in s#ite of
the trouble linked
with ecessi%e d
ebts$ 3akistan has
theobli"ation to a
cco!#lish the cont
ractual ter!s it co!
!itted to when taki
n" loans fro! theI
MF. It is ar"ued i
n 3akistan that the
%ast uantities
of loans that are #
ro%ided to 3akist
an are!isused by c
orru#t "o%ern!
ents and the loans
are used in bad an
d !ostly non)de
%elo#!ental #ro*
ects that fail to tur
n out the reuire
d a!ount of #rofits
necessary to ser
%ice their loans.2
%en thou"h IMF
has !any #olicies
which ha%e caus
ed #roble!s for 3a
kistan&s econo!
y$IMF continues
to #lay an i!
#ortant role in our
econo!y. It can be
seen as lender of l
astresort. When 3
akistan was on th
e ed"e of beco!in"
bankru#t$ the IM
F #ro%ided cruci
al loansto stabilis
e the econo!y. W
hile the #otential
benefits of ha
%in" a !onetary f
und which can #r
o%ide an effecti
%e counter to fin
ancial crisis are a
#lenty$ the role o
f the IMF has #ro
%ed%ery contro
%ersial.
PAKISTAN PE
OPLES PARTY
ZULFIQAR A
LI BHUTTO 1
971-77
ulfikar Ali Bhu
tto took ad
%anta"e of the re
sent!ent a"ainst A
yub&s econo!ic #
olicies and #ro!
ised to restore the
#rinci#les of distr
ibuti%e *ustice a
nd euity to the
forefront of3akist
an&s de%elo#!
ent strate"y under
the slo"an of Isla!
ic socialis!.nde
r Bhutto$ 3akista
n underwent the
socialist se
%enties&. ?is yea
rs in #ower saw 3
akistanstren"theni
n" its ties with Ch
ina$ 0ussia$ and
<audi Arabia7 !
uch to the cha"rin
of the <.This o
b%iously translat
ed into the World
Bank and IMF ha
%in" !uch less to
do with 3akistant
han in the #re
%ious years.
World Bank Ope
rations in Pakista
n: 19)2-19)*:
Source: orld !
an"
Bhutto&s fi"ht w
as one a"ainst the
#olicies of the Int
ernational Moneta
ry Fund and Worl
dBank$ which ser
%e to #er#etuate t
he backwardness
of the de%elo#in"
nations. ?e was in
theforefront of th
e stru""le for a -
ew World 2cono!
ic 8rder for the en
tire de%elo#in" s
ector.
Pakistan World B
ank relations+e#e
nts, e a r ' a t e
% # e n t 19)0
-o%e!ber 3reside
nt Mc-a!ara sends
tele"ra! to ahya
Lhan$ 3resident o
f

1/3akistan$ #l
ed"in" World
Bank assistanc
e to hel# areas
of 2ast3akistan
de%astated by the
recent cyclone
19)1
anuary 1Mc-
a!ara announces
K=: !illion IA
assistance for cy
clone)de%astated
2ast 3akistan
19)9
World Bank&s re
sident !ission in 3
akistan startedThe
n how was 3akist
an&s forei"n #oli
cy established dur
in" Bhutto&s ti!
e$ and what benef
itsdid it rea# for t
he countryNBhutt
o ai!ed to di
%ersify 3akistan+
s relations away f
ro! the nited <t
ates and$ soon 3a
kistanleft C2-T8 a
nd <2AT8. Bhutt
o de%elo#ed clos
e and stren"thene
d the Arab relatio
ns$ and<ino)3ak r
elations.Bhutto al
so sou"ht to de
%elo# <o
%iet)3ak 0elation
s$ and thus$ with
the assistance of t
he<o%iet nion
$ established 3aki
stan <teel Mills in
19=. The found
ation stone for thi
s "i"antic #ro*ect
was laid on ; 
ece!ber 19 by
Bhutto. The <o
%iet nion sent
doens of ad
%isorsand e#ert
s who su#er%ised
the construction o
f this inte"rated <t
eel Mills.?is #olic
y lar"ely followed
a ti"ht and closer
relations with Chi
na$ nor!alised rel
ationshi#swith <o
%iet nion$ buil
t an Isla!ic bloc$
and ad%ocated a
creation of new e
cono!ic alliancela
r"ely benefitin" th
e third and second
world countries. ?
e si"ned a nu!ber
of bilaterala"ree!
ents with the "ulf
countries for facil
itatin" 3akistani w
orkers to seek o
%ersease!#loy!
ent. Millions of s
killed and non)ski
lled workers obtai
ned *obs in the M
iddle 2ast.?ence$
there was si"nific
ant rise in forei"n
echan"e for 3ak
istan$ e%en with
out a forei"n #olic
y do!inated by 
< in%ol%e!
ent.3akistan soon
"ained #ro!inence
as a leader of the
Musli! world. Chi
na hel#ed 3akista
n inall fields and
es#ecially in defe
nce. The construc
tion of the Larako
ru! o#ened u# a tr
aderoute with the
30C. The constru
ction of the Larak
oru! o#ened u# a t
rade route with th
e30C$ which wit
h increased in i!
#ortance with the
"radual liberali
ation of the Chine
seecono!y. -or!
alisation with Indi
a !eant the freedo!
of thousands of #r
isoners of war an
dthe return of ca#
tured territories. 2
cono!ically$ e
%en today$ o
%erseas 3akistani
s are sendin"in bil
lions of dollars in
re!ittances fro! M
iddle 2astern cou
ntries which are h
el#in" theecono!y
to sustain and "ro
w.Bhutto also init
iated the nationali
ation of key ind
ustries. Banks we
re nationalied i
n 194followed
by nationaliatio
n of flour$ rice an
d cotton !
ills.Most i!
#ortantly$ ulfi
ar Ali Bhutto is
the chief architect
behind 3akistan&
s nuclear #ro"ra!.
e%elo#!ent e#
enditure was subs
tantially increased
in the health and
education sectors
bothin rural and u
rban areas. 0ural
?ealth Centres an
d Basic ?ealth 
nits in urban areas
wereestablished.
Trainin" colle"es
for doctors and nu
rses were also est
ablished. A lar"e
nu!ber of ele!
entary schools$ !
iddle schools$ hi"
h schools$ inter!
ediate colle"es an
d *unior colle"es
were established.
Thus$ it can be se
en that e%en in th
e absence of < i
nter%ention$ asi"
nificant a!ount of
de%elo#!ent took
#lace durin" ulf
iar Ali Bhutto
&s tenure as the3r
i!e Minister of 3a
kistan.Bhutto&s n
ationaliation de
railed 3akistan&s
*ourney towards f
aster econo!ic de
%elo#!ent.This se
tback hit 3akistan
so badly that the c
ountries that were
la""in" behind 3a
kistan in

"rowth and econo
!ic indicators in th
e late 19@;s not o
nly o%ertook it b
ut also beca!e hu"
esuccess stories.
The oil #rice shoc
k of the 19;s as
well as drou"hts$
floods and thewit
hdrawal of eter
nal assistance did
not hel# the situat
ion$ either. The "
rowth rate in the1
9;s fell to .
#ercent #er annu!
fro! the @ #ercen
t recorded in the 1
9@;s. Inco!
eineualities ros
e co!#ared to the
#re%ious #eriod
while inflation ac
celerated$ a
%era"in" 1@ #erc
ent fro! 191)
7 hurtin" the #o
or. The lar"e)scal
e !anufacturin" se
ctor #erfor!ed %e
ryslu""ishly$ netti
n" a "rowth rate o
f only  #ercent$
only due to #ublic
sector in%est!ent.

While Bhutto had
no "rand desi"n fo
r the econo!y and
a #oor "ras# of ec
ono!ic realitiesan
d #rinci#les$ he f
elt he had a #o#ul
ar !andate for cur
bin" the #ower of
industrialists and
bureaucrats and i!
#ro%in" the lot of
the #oor. ?e also h
ad a %a"ue faith i
n socialis!. Theec
ono!y that showe
d  #er cent #er a
nnu! "rowth in fir
st two years slow
ed down to *usto
%er  #er cent an
nual "rowth durin
" 194).

Bhuttos #olicies
ha%e had etre!
ely ne"ati%e and
lastin" conseue
nces for the 3akist
anecono!y and ha
%e "ra%ely hinde
red #ro"ress towa
rds self) sustained
and balanced eco
no!ic"rowth in the
country. Bhutto&
s econo!ic #olicie
s %irtually halted
the "rowth of ind
ustrialsector and r
einforced the anti
)e#ort bias of th
e industrial strate"
y. Dar"e #ublic in
%est!entsin indus
try focused on i!
#ort substitution a
nd the refor! of th
e echan"e rate s
yste! failedto re!o
%e the lar"e wed"
e between the a
%era"e effecti%e
echan"e rates fo
r i!#orts ande#o
rts. Dabour and ot
her re"ulations #r
o%ided stron" dis
incenti%es to the
"rowth of lar"e)sc
ale industry.

Pakistan G'P Gr
oth rates 19)1-
19))l
A country&s eco
no!ic #ro"ress can
be "au"ed by a nu
!ber of indicators
$ with E3 at the
forefront of the sa
id indicators. To s
ee whether the ass
istance$ or lack th
ereof fro! IMFH
WBhad a #ositi
%e i!#act on the e
cono!y of 3akista
n$ we will look at
the E3 "rowth r
atesdurin" ulfi
ar Ali Bhutto&
s tenure in 3akista
n
, e a r G ' P
G r o  t h .
a t e 19)1
1.=
19)2
=.
19)/
@./
19)
.:
19)5
.9
19)6
.
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19))
=./
Source: $andboo"
on #a"istan %con
omy &'(' )S!#*
It is safe to say th
at !erely sayin" n
o to the a##arent
e%il of the World
Bank and IMF is
notenou"h. A %ia
ble and #ra"!atic
econo!ic #olicy is
the way to "o. Wh
ile Bhutto took a
standa"ainst the
Word Bank and t
he International
Monetary Fund$
his %ision of !
oderniin"3akist
an+s econo!y by s
tate interference a
nd #lannin" failed
to !eet the e#ect
ations ofBhutto$
his fellow 333 !e!
bers and the #o#u
lace.E3 "rowth
rate$ inflation$ th
e !anufacturin" an
d #ri%ate sector$
all suffered a dow
nfall.While so!e o
f it could be due t
o his #redecessor
not handlin" the e
cono!y well enou
"h$ oreternal fa
ctors$ so!e of it d
oes boil down to
Bhutto not bein"
co!#etent enou"h
where theecono!y
was concerned. A
leader of the !
asses , he did not
eactly benefit th
e!.2%erythin" did
not "o downhill$ t
hou"h. The better
!ent of ties with a
lot of countries$ a
ninde#endent fore
i"n #olicy$ the nu
clear #ro"ra!$ allu
de to so!ethin" be
in" done ri"ht.
ZIA UL HAQ 1
978-88
While Bhutto de!
olished both socia
l and !onetary stat
es of the nation$
ia wrecked thes
ocial fabric of the
nation. The in
%ersion of a lar"e
nu!ber of Bhutto+
s a##roaches$ #ro
!#ted"enuine !
acroecono!ic une
%en characters$
which reuired r
esort to outer aid$
des#ite thee#an
ded inflow of settl
e!ents and !ilitary
su##ort for 3akist
an+s #art in the fi
rst af"han war 19
9)//. 3akistan al
on"side different
nations ended u# i
n #rofound financ
ial e!er"ency.
S ource: #a"istan
bureau of statistic
s
ia)ul)?a took
"enerally !ini!al e
nthusias! toward t
he econo!y$ #art
of the way on the
"rounds that it #er
for!ed well throu"
h the !a*ority of h
is #eriod as a con
seuence of %ar
iouseo"enous el
e!ents. 0ural de
%elo#!ent recou#
ed to about 4 #erc
ent e%ery annu! a
!id
Error! Filename not specified.Error! Filename not specified.
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19,// fro! a tro
ublin" = #ercent a
!id 19=,. In
the !eanti!e$ outsi
de hel# for theAf"
han Mu*ahedin$
assessed to be 
< :, billion in
the first a lar"e #o
rtion of the 19/;sa
nd directed throu"
h 3akistan likewis
e hel#ed the econ
o!y.Cal!ed by hi"
h financial de
%elo#!ent and an
a"reeable outside
trade #osition$ 
ia)ul)?a+sad!
inistration$ with
Ehula! Isha Lh
an as fund cler"y!
an$ settled on !
onetary choices a
ndarran"e!ent dec
isions that were to
ha%e "enuine lon
" haul outco!es.. I
n the !eanti!e$i!
#ro%e!ent costs
were #ressed$ cli!
bin" *ust  #erce
nt e%ery annu! in
ecess of 19,/
/in "enuine ter!s>
by 19/H//$ #rot
ection usin" had s
ur#assed ad
%ance!ent usin".
0e!otehel# di##ed
directly after 19@
: and 191$ as th
e "lobal "rou# set
endorses on both
3akistanand India
for the wars. 0e!
ote su##ort additi
onally di!inished
after ia ul ?
a+s o
%erthrow$a !o%e
barely !ainstrea!
with !a*ority rule
s syste! su##ortin
" nations. ?owe
%er after the<o
%iet attack of Af"
hanistan$ the hel#
be"an strea!in" on
ce !ore.
et %&ternal Tr
ansers .e3ei#ed (
! Pakistan4all O
i3ial Grants an
d oans in3lde
d  in 7illionAn
nal A#erageB
h  t t o P
e r i o d 8 ,
1 9 ) 1 
) ) 2 9  2
 9 0  i a
P e r i o d
8 , 1 9 )
) -
* * 6 1 1 *
5 5 6 ' e $ o
3 r a t i 3 . e
g i $ e s 8 , 1
9 * * -
9 9 * / 0 ) ) 5
5 7  s h a r
r a  P e r
i o d 8 , 2 0
0 0 - 0  -
100*-202
Source: %conomi
c Survey of #a"ist
an + S!# nnual
-eports
Eeneral ia was
a "enuine worker
of <. In the wa
ke of holdin" the f
orce$ he be"an an
inter!ediary war o
n the reuests fr
o! his < aces a"
ainst <o%iet ni
on. ?e substantiat
edhi!self as the !
ost solid instru!
ent for his radical
bosses. In his #eri
od$ 3akistan was
o%erwhel!ed wit
h !ilitary hel#s fro
! <. ia was e
ecutin" as an a"
ent in the !iddle o
f <and tribes!
an of Af"hanistan
who were battlin"
a"ainst <o%iet 
nion. Eeneral ia
dide%erythin" to
ser%e his Washin
"ton)based bosses
fro! #re#arin" of
Af"han contender
s tosendin" 3akist
anis to Af"han wa
r. In his #eriod$ r
eli"ious schools "
ot to be #re#arin"
ca!#sfor a""ressor
s. 2ntire nation w
as o%erwhel!ed
with ar!s and a!!o
and it brou"ht abo
ut anonsto# condi
tion of rou"hness
in the nation that i
s a%ailable to dat
e.nder the re
uests fro! Washin
"ton$ ia "a%e l
o"istic backin" to
Af"han Mu*ahed
een ando#ened 3a
kistani outskirts f
or Af"hanistan. A
n incredible nu!
ber of e%acuees f
led into3akistan a
nd the nation conf
ronted an i!!ense t
rouble on its econ
o!y. ia+s ti!e is
additionally reco"
nied as the brill
iant a"e for !
edication trafficki
n". This #eriod w
asadditionally bril
liant for lawbreak
ers as different ki
nds of ar!s and a!!
o "ot to beeffortle
ssly accessible all
throu"h the nation
.Around the end o
f 19//$ 3akistan+s
weakenin" asset c
ircu!stance create
d a !onetarye!
er"ency. The "o
%ern!ent+s fundi
n" shorta"e arri
%ed at /.: e%ery
#enny of Eross 
o!estic3roduct 5E
36$ e#ansion
uickened$ the c
urrent record defi
ciency !ulti#lied t
o 4. e%ery #enn
y of Eross -
ational 3roduct 5
E-36$ the outside
obli"ation ad!
inistration de"ree
arri%edat =/ e
%ery #enny of far
e #rofit$ and re!
ote trade stores fe
ll into eual #art
s$ to K4/ !
illion$eui
%alent to short of
what three weeks
of i!#orts.
+Basically$ ia
had a lot of hel# f
ro! the < since i
t was durin" his ti
!e that the Af"han
In%asion "ained !
o!entu!. It was no
t his or the World
Bank and IMF&s
ideas that hel#ed
orruined the situat
ion. The < aid
was enou"h to ke
e# the econo!y afl
oat. ?owe%er$ 3a
kistan
was not at its best
durin" ia&s rul
e$ ob%iously. ?is
Isla!isation was a
tou"h #ill to swall
owfor !any7 his e
ra "a%e rise to thi
s Mu*ahideen cul
ture$ and increase
d < in%ol%e!
ent in ouraffairs.
While the econo!
y was fine durin"
ia&s ti!e7 3aki
stan wasn&t.
PERVEZ MUS
HARRAF 2
1-8
3er%e
Musharraf led 3a
kistan fro! 1999 t
o =;;/. A World B
ank sur%ey has
re%ealed that #o
%erty in 3akistan
was reduced by :;
#ercent7 fro! 4.:
#ercent in =;;1H=
to 1.= #ercent i
n=;;H/$ on
consu!#tion)led
"rowth of the eco
no!y under the
rule of the for!er
#resident$3er
%e Musharraf.
To elaborate> #o
%erty in urban a
reas fell fro! ==.
 #ercent in =;;1
H;= to 1;.1 #erce
nt in=;;H;/. In r
ural areas$ it decl
ined fro! 9. #e
rcent in =;;1 to =;.
@ #ercent in =;;
H;/.The "o%ern!
ent had brou"ht d
own fiscal deficit
fro!  #ercent to
:.= #ercent$ the e
chan"ereser
%es had increase
d fro! K :;; !
illion to K :. bi
llion and forei"n
debt had sli"htly
decreased fro! K
/ billion.Diterac
y rate in 3akistan
had increased fro!
4:G in =;;= to :
G in =;;:. 2ducati
on recei%ed4G of
E3. In total$ 99
$19 educational
institutions increa
sed in Musharraf
&s era.
Ma*or Industrial
estates

were bein" de
%elo#ed under
Musharraf&s %i
sion> M indust
rial$<undar indus
trial estate$ Chak
ri industrial$ etcI
n =;;@$ what we
earned as E3>
we "a%e only =/.
G as forei"n de
bt and liabilities.
A shar#contrast t
o 1999 when$ wh
at we earned as E
3> we used to "
i%e away @4.1G
as forei"n debtan
d liabilities. We
were sa%in" :G
of our E3 for ec
ono!ic "rowth$ ba
sically.Accordin"
to an IMF re#ort
$ 3akistan was 
rd in bankin" #ro
fitability in the w
orld. 8n thesa!e
IMF chart$ Indi
a was on the 
@th #osition an
d China was on t
he 4;th #osition.
Accordin" to the
2cono!ic <ur%ey
=;;:$ #o%erty in
3akistan in =;;1 w
as 4.4@G. And
after )/ years of
Musharraf$ #o
%erty in =;;: was
=.9G7 down by
1;.:@G. 8%erall$
1=. !illion #eo#
le had been #ushe
d out of 3o%erty i
n =;;1 , =;;:$ and
0s. 1$441 billion
had been s#enton
#o%erty reductio
n and e!#loy!ent "
eneration.The Co
!#ressed -atural
Eas 5C-E6 sector
of 3akistan had a
ttracted o%er 0s
; billionin%est!
ents durin" the fi
%e years 5=;;1)=
;;@6 as a result o
f liberal and enco
ura"in" #oliciesof
the "o%ern!ent. 1
$@: C-E station
s were o#eratin" i
n the country$ in
/: cities and towns
.It #ro%ided e!
#loy!ent for ;
$;;; #eo#le in the
country.1=. Fi%e
da!s were built>
Mirani$<ubak
ai$ Eo!ala!$
Lhurra! and Tan"
i. <e%en !
otorways were co
!#leted or were
under constructio
n.Ewadar sea #ort
was de%elo#ed.
#a"istan/s econ
omy witnessed a
ma0or economic
transformation in
the last decade.
1hecountry/s real
23# increased fr
om 45' billion to
4(6' billion, with
per capita incom
erising from und
er 47'' to over 4
(''' during &'''+'
6. 1he improved
macroeconomic
performance ena
bled #a"istan to r
e+enter the inter
national capital
mar"ets in the mi
d+&'''s. 8arge c
apital inflows fin
anced the curren
t account deficit
and contributed t
o anincrease in g
ross official reser
ves to 4(9. billi
on at end+ ;une
&''6.Source: #a"is
tan bureau of stat
istics
The industrial sec
tor re"istered =@
#ercent "rowth. A
historic 1;;G incre
ase in ta collecti
on5a!ountin" to 0
s. 1 trillion6 was
obser%ed.

0e%enue collecti
on in =;;H;/ was
0s. 1.;;= billion.

2#orts in =;;
were worth K1/.:
billion where Te
tile e#orts in
=;; were worth
K11.= billion. 3a
kistan e%elo#!
ent #ro"ra!s in =;;
 were %alued at
0s. :=; billion.
Error! Filename not specified.
With the hel# of 3
akistan&s #ri
%ate sector$ und
er the Musharraf
era$ in%est!ent in
3akistanrose fro!
1.4 to ==.9G of
the E3 , an incre
ase of :.:#ercent o
f E3 in se
%enHei"ht yearsi
s un#aralleled in r
ecent ti!es in 3aki
stan.Forei"n In
%est!ent sur"ed fr
o! K;.: billion to
K/.: billion , a 1
fold increase in /
yearswhich reflec
ted the "rowin" co
nfidence of forei"
n in%estors in 3a
kistan.8%erall$ b
ud"et deficit as #e
rcenta"e of E3 r
educed to al!ost o
ne half. Bud"et de
ficita%era"ed o
%er .; #ercent o
f E3 durin" the
19/;s and 199;s bu
t was reduced to a
n a%era"eof 4.; #
ercent of E3. Th
e country&s debt
burden reduced to
one half. 3ublic d
ebt was o%er1;; #
ercent of E3 by
end of the 199;s b
ut reduced to :: #e
rcent. In the word
s of the IMF
“1he large and s
ustained decline i
n the e<ternal de
bt to 23# ratio w
as one of #a"ista
n=smost remar"a
ble macroeconom
ic achievements o
f recent years”.
ebt ser%icin" u
sed toconsu!e @4
#ercent total re
%enue in 199/)99
. By !aintainin" fi
nancial disci#line
andreducin" bud"
et deficit$ it was
brou"ht down to
=: #ercent only. I
n other words$ th
e resourcessa%ed
fro! debt ser
%icin" were di
%erted towards d
e%elo#!ent #ro"r
a!.The IMF has a
cknowled"ed that
3akistan beca!e o
ne of the four fast
est "rowin" econo
!iesin the Asian re
"ion durin" =;;;);
 with its "rowth
a%era"in" .; #er
cent #er year for !
ostof this #eriod.
As a result of stro
n" econo!ic "rowt
h$ 3akistan succe
eded in reducin"
#o%erty by one)
half$ creatin" al!
ost 1 !illion *ob
s$ hal%in" the co
untry+s debt burd
en$ raisin"forei"n
echan"e reser
%es to a co!
fortable #osition a
nd #ro##in" the c
ountry+s echan
"erate$ restorin" i
n%estors+ confid
ence and !ost i!
#ortantly$ takin"
3akistan out of th
e IMF3ro"ra!.8%
erall$ Musharraf
&s era was the b
est era of @4 ye
ar history of 3aki
stan with res#ect
to #ro"ress and #r
os#erity in e%ery
field of life. 3ro"r
ess was on its #ea
k at that ti!e. ?e st
arteda #lenty of
new #ro*ects fo
r the de%elo#!
ent of the 3akist
an. ?e started
ta freeindustri
aliation to ur"
e the forei"n in
%estors. ?is #lan
worked and a nu
!ber of !
ulti)national co!
#anies launched i
n his era. The i!
#act of that was t
he increasin" nu!
ber of *obsin his
era. It was %ery d
ifficult to find out
skilled labourer f
or s!all le%el con
struction. In lon"a
nd short$ Musha
rraf&s era was n
ot an ideal but sti
ll better than all t
he other eras of e
ther de!ocratic or
dictatorshi# eras i
n 3akistan.This is
where it "ets #rett
y e%ident that lac
k of an IMF and
World Bank in
%ol%e!ent can sti
lllead to #ro"ress
and #ros#erity in
a country. 2%eryt
hin" afore!
entioned #oints to
the fact that3akist
an has done #retty
well without any
hel# fro! the two
entities in uesti
on.
PAKISTAN PE
OPLES PARTY
ASIF ALI ZAR
DARI 28-1!
In the May 11 "en
eral elections$ -
awa <harif bec
a!e 3akistan&s ne
west elected #ri!
e!inister. <adly$ t
he country&s eco
no!y re!ains in a s
tate of confusion$
with e#andin" b
ud"et$ ener"y$ ed
ucation$ e!#loy!
ent$ fiscal de
%elo#!ent$ and #
ublic deficit #robl
e!s. Thefor!er "o
%ern!ent did not
ha%e a clear dire
ction to o%erco!e
these financial ch
allen"es$ andthey
will now beco!e a
to# concern for th
e new "o%ern!
ent.Many econo!
ists belie%e that i
n the last : years$
"o%ern!ent econo
!ic #olicies were a
co!#lete failure. I
ndustrial "rowth h
as been han"in" n
ear ero #ercent
$ the in%est!ent r
atehas declined$ i
nflation is hi"h 5d
ouble di"its for th
e last : years6$ in
dustrial "rowth is
badlyaffected due
to the ener"y crisi
s$ causin" co!
#anies to stru""le
$ forei"n echan
"e reser%esare de
clinin"$ bud"et de
ficits a%era"e se
%en #ercent of E
3$ and #ublic d
ebt has doubled.T
he table below sh
ows so!e co!
#arisons of the 3a
kistani econo!y o
%er the last decad
e
Pakistan %3
ono$i3 O#er
#ie,ear 420
02-200);,ear
4200*-
2 0 1 / ; %3ono$i3
groth
@
G 
G
People li#ing (elo
 the po#ert! line
 ; G
4 ; G
8is3al dei3it
4G of E
3G of E
3
P(li3 de(t
0s. 4.: Trillio
n0s. 1: Trilli
on
.pee <ale
4against the => d
ollar;
0 s . @ ;
0 s . 1 ; ;
Error! Filename not specified.Error! Filename not specified.Error! Filename not specified.
3akistan Internati
onal Airlines$ 3a
kistan <teel Mills
$ and 3akistan 0ai
lways$ the !a*or
#ublicsector enter
#rises$ ha%e also
not #erfor!ed well
o%er the last fi
%e years.The fra"
ile 3akistan&s ec
ono!y re!ains tott
erin" durin" the fi
%e years constitu
tional tenureof th
e 333)led coalitio
n "o%ern!ent$ as
the financial !
ana"ers futilely at
te!#ted to brid"eth
e yawnin" bud"et
deficit year)after)
year. ?owe%er$ t
hey re!ained succ
essful in doublin"
the country&s #u
blic debt.The "o
%ern!ent chan"ed
its econo!ic tea! s
e%eral ti!es to o
%erco!e the finan
cialchallen"es dur
in" its fi%e)year t
enure$ as it re#lac
ed fi%e finance !
inisters$ four "o
%ernors ofthe <ta
te Bank of 3akista
n$ fi%e finance s
ecretaries$ and si
 heads of the Fe
deral Board of0e
%enue. -one of th
e econo!ic tea! #e
rfor!ed well$ as #
ublic debt sur"ed
to a record le
%eland other !
acroecono!ic indi
cators re!ained on
the lowest ebb.Th
e last fi%e years
ha%e seen econo!
ic "rowth slowin"
to an a%era"e of t
hree #ercent #era
nnu!$ industrial "
rowth sta"natin" a
t near ero #erce
nt$ in%est!ent rat
e declinin" to a :;)
year low at 1=.: #
ercent of E3$ b
ud"et deficit a
%era"in" se%en #
ercent of E3 an
d #ublicdebt doub
lin".The econo!ic
e#erts ter!ed the
"o%ern!ent #olici
es as co!#lete fail
ure in last fi%e ye
ars.<arta* Ai
$ a reco"nised ec
ono!ist and for!er
finance !inister sa
id that key factors
thataffected all se
ctors of the econo
!y are #oor "o
%ernance and cor
ru#tion in the cou
ntry. ?enoted that
the !ost serious is
sue #ersisted was
the lower econo!
ic "rowth that re!
ained atthree #erc
ent on a%era"e in
last fi%e years 5=
;;/)=;16 as co!
#are to si #erce
nt of the #recedin
" fi%e years 5=;;
=)=;;6. The le
%el of #eo#le li
%in" below #o
%erty line has inc
reasedto 4; #ercen
t durin" #re%ious
fi%e year fro! ;
#ercent of its #rec
edin" fi%e years.
The fiscal deficit
re!ained at abo%e
se%en #ercent of
the E3 at a
%era"e in last fi
%e yearsco!#ared
to four #ercent of
the E3 a"reed w
ith the IMF in =;;/
. ?e further said th
atconseuent of
the hi"her fiscal d
eficit co!bined wi
th lower "rowth is
the hi"h inflation
rate$which has be
en in double di"it
s fro! last fi%e to
si years.
Source: #a"istan
%conomic Survey
&'(&+&'(
Another !ost si"ni
ficant failure of th
e "o%ern!ent is 
ener"y crisis& tha
t has not only affe
ctedthe rate of ind
ustrial "rowth but
also brou"ht the !
iseries of the co!!
on #eo#le$ heinfo
r!ed. <arta* Ai
 further said tha
t balance of the #
ay!ent situation is
also "ettin" under
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