The Pakistani government recently expressed relief as obstacles to securing loans from IMF were finally cleared, with $7 billion approved on September 25. The IMF programme is critical for Pakistan to navigate its ongoing economic crisis. However, while the government celebrates the approval of the loan, the situation for ordinary citizens remains grim. Loans come with interest, and the country has to operate under the weight of repayment obligations, all while failing to reduce luxury expenditures at the governmental level. As a result, the burden falls squarely on the shoulders of the people.
For years, IMF loans have come with stringent conditions which, although essential for economic restructuring, have led to widespread public dissatisfaction. To meet IMF’s demands, the government has repeatedly increased prices for essential goods like oil, gas and petrol. This, coupled with the noticeable trend towards privatisation of public institutions and the downsizing of the workforce, has heightened anxiety and stress levels among ordinary citizens. For many, the IMF program feels like an inescapable trap that has done little to improve their standard of living.
Successive governments have implemented policies based on short-term gains rather than long-term stability. The country’s reliance on ad hoc measures has hindered progress, with no clear pathway to sustainable development. Meanwhile, the people continue to suffer. To break this cycle, the government must implement policies that prioritise the well-being of the people.
Tahira Memon
Khairpur Mirs
