Pakistan’s economy: The Role of International Institutions (2018-2022)

Abstract

Pakistan’s economy has been dependant on the international institutions since 1958 when Pakistan first time approached to get loan from International Monetary Fund (IMF). Pakistan approached due to bad governance, extractive political and economic institutions, the lack of reforms, and the lack of effective utilization of human and natural resources. These issues keep the Islamabad’s economy fragile and dependent on the international institutions such as IMF, World Bank, and Asian Development Bank. All these issues are constructed by the elites in order to perpetuate their status quo. Since 1958 up to date, Pakistan has been failed to build the sustainable economy under the umbrella of IMF and such other institutions including the assistance of friendly countries like China, Saudi Arabia, and UAE and so on. Thus the role of international institutions immensely influence both economic and political decisions and policies. In this article the role of international institutions and local elites in Pakistan’s economy will be comprehended whether international institutions and elites have been playing a positive or a negative role. Besides, the remedial measures will be suggested which keep Pakistan’s economy on the right and sustainable path in order to get rid of such uncertain phenomena.