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Pakistan Took Too Many Loans From Imf Which Actually Was Not Needed

2857 words - 11 pages

The topic of my research essay is “Pakistan took too many loans from IMF which actually was not needed”. Pakistan did not need any foreign financial assistance and was able to handle the setbacks. In my essay, first of all I will tell you that what IMF is and what is his role in the world. Secondly, I will tell you that how and when Pakistan took his loans from IMF and what were the conditions set by IMF authorities. And then I will tell you the condition of Pakistan at the time of its first structural adjustment program. Then I will give some examples like Bolivia and will compare Bolivia with Pakistan. At the end, I will tell you some other ways to the solutions to Pakistan problems.
The International Monetary Fund (IMF) is an international organization of 186 countries. It works to help the development of global monetary co-operation. It secures the financial stability and facilitates international trade. It reduces the high unemployment rate and promotes the sustainable economic growth. Main goal of IMF is to reduce the poverty around the world. IMF works to help development of global growth and economic stability. It provides policy advice and financing to its members, in economic difficulties. It also works with the developing nations to help them in achieving macroeconomics stability and reducing poverty. [1]
The basic mission of IMF is to help and ensure stability in the international system. It does its job in three ways: keeping track of the global economy and the economies of member countries: lending to countries with balance of payments difficulties: and practical help to members.
When IMF gives loan to its member countries, the authorities of IMF not only analyze the economic conditions of that country but also impose some policies which the borrower country has to follow and these policies are actually the directions given by IMF authorities, which are known as structural adjustment programs.
Pakistan joined IMF on 11th July, 1950. Pakistan got his first financial assistance form IMF in 1958 which was worth $25 million and this was for a period of about ten months. This loan was cancelled and the entire amount of loan went unused. Two more standby arrangements, both of duration of one year, were made in 1965 and 1968. These two loans were worth of $125 million.[2] As the IMF funding amount and pattern changed over the late 1970’s and 1980’s, Pakistan entered a long term Extended Fund Facility (EFF) in November 1980. Pakistan was awarded with her first structural adjustment loan by the IMF in November 1980. Since 1980, IMF has offered four main structural adjustment programs to Pakistan i.e. first structural adjustment program...

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