Pakistan has yet not paid off the IMF’s loan - a depressingly familiar news story. Some of its conditions that are being followed are downright unfit for an economy like ours, as for instance is its advice to cut down subsidies to the energy sector. This vindicates the viewpoint that the IMF conditionalities are unsuitable for third world economies. The model they try to impose is severely capitalistic that serves to further push the poor below the poverty line. This constitutes one of the contributory factors towards an alarming growth of poverty during the PPP’s rule.

Yet among the latest suggestions, some are in fact, quite practical; for instance urging reforms in the taxation sector, controlling electricity line losses and cutting down governmental expenditure to lessen fiscal deficit, measures that the government should be expected to follow regardless of any exhortation. A major reason for the growing fiscal gap is the government’s opulent ways, an army of ministers and finally a lack of checks to account for the money being spent. With rampaging inflation growing by the hour, it would be worth a risk to experiment with creative ways to fight poverty, rather than blindly blaming the IMF, which we have not been able to use to our advantage thus far.