IMF has committed $7.6 bn assistance to be disbursed over 23 months. The country immediately needs more than this amount to replete its forex reserves to ensure stability in the rupee exchange rate
By Dr Mushtaq Ahmad
by Shahrukh Rafi Khan
In my last two essays I argued Pakistan has an adequate resource base and does not need to go to the IMF, and established that there is an alternative and superior economic program to the one advocated by the IMF. This leads us to the question of whether Pakistan’s economic bureaucracy has the capacity to implement such a programme if the legislature approves it.
Some of the countries facing a financial crunch including Pakistan preferred to generate capital from the international financial market. Instruments like GDRs, privatisation proceeds and other methods were used; this was because there was enough liquidity in the international financial market to meet the requirements