Failure as the Trump Card

In November 2008, facing dwindling foreign currency reserves and the looming prospect of default, the fledgling civilian government of Pakistan entered into what was to become an $11.3 billion standby loan agreement with the International Monetary Fund (IMF). That infusion of funds stabilised the economy over the short term, but over the course of past six to nine months, the agreement has effectively ground to a halt.

This article was originally published in Pragati.