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Pakistan and IMF: A universal cure for all diseases
The International Monetary Fund (IMF) staff and Pakistan reached a staff-level agreement on the fourth review of the $7-billion Extended Fund Facility (EFF) and the third review of the Resilience and Sustainability Facility (RSF) last week. The staff-level agreement is subject to approval by the IMF Executive Board. As it approaches, the language is already familiar. Maintain a tight monetary policy. Preserve exchange-rate flexibility. Deliver the required primary surplus. Continue reforms to make energy prices reflect costs. These are not new instructions. They are variations of the same four...
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