Published in: January 2014
Pakistan has been facing a challenging situation at its economic front since ‘08 which has forced its policy makers to take ambitious decisions to achieve sustainable economic development. The major step taken by the govt. earlier after the outbreak of the global recession was opting for IMF’s SBA 1 agreement under which the IMF agreed to lend the country SDR2 7,235.90Mn back in Nov ‘08. Pakistan has a long history of borrowing from the Fund, the country has signed 5 SBA, 3 ECF and 3 EFF agreements till date for stabilizing its fiscal position. However, none of the loans in the past accounted for that much enormous amount as taken in ‘08 and ‘13 under SBA and EFF respectively.