Introduction

India's economy is one of the fastest growing economies in the world and is defined by a
huge diverse market, a growing middle class which means gaps in society are low , and a
strong services industry. However, the Indian economy has to overcome a lot of
obstacles such as slow rate of growth, fixing their high unemployment, and pressure from
inflation (Ravikumar,2014).These issues became even worse when the coronavirus global
pandemic hit and shocked the entire world, which resulted in a decrease of growth in GDP
and had to go through changes in supplies, trade, and had to face restrictions with their
customers as well. The government of India had to put in policies whose purpose was to have
reforms in their market, infrastructure, and also in the financial sector (Rhodium Group,
2023). There were also programs set to help industrial processes such as manufacturing. The
purpose of this was to use the IMF funding in 2020 for healthcare and to support all the other
economic reforms imposed by the IMF in a good way in which they would benefit. Also,
India has poor structure and a lot of economic inequalities which takes a toll on India's goal
to achieve long term growth. Despite all of this India remains an attractive sight in the eyes of
investors as it is also a major hub of trade in the world and India is a big exporter of goods
(World Bank, 2023).
Pakistan’s economy in comparison with India is not even close. Pakistan is currently going
through an IMF crisis unlike its neighbor India which is a contributor in the IMF. Pakistan’s
economy is heavily reliant on the agriculture industry, textile industry, and imports. Overtime
Pakistan faced economic problems and had to go to the IMF for loans and that is still the case
and it has been since the 1980s ( Dr. Ashfaque Hasan Khan,2019). Pakistans current
economic situation is a crisis for the country as the exchange rate is sitting at a all time low,
reserves of foreign currencies are running out which is the reason for continuous IMF visits.
The pandemic recently and as well as the floods took huge tolls on Pakistan’s economy as
both these downturns caused a lot of damage to Pakistan’s economy( Dr. Muhammad
Ali ,2022).Currently, the IMF has put in policies and conditions to help Pakistan’s economy
reach a better stage but in recent times not much has changed other than temporary stabilizing
of economy and a high dependancy on the IMF for loans by the Pakistani government.
Structural reforms are currently taking place to fix unemployment and poverty issues.
Pakistans current stage of economy is in a big struggle as there are a lot of pending loans as
well as a falling exchange rate in contention to major currencies (Dr. Ashfaque Hasan
Khan,2019).
 Literature Review
The IMF's influence on economic stability in both India and Pakistan is examined
critically in Patricia S. Pollard's 1994 book, "The IMF and Economic Stabilization: The Cases
of India and Pakistan". According to Pollard, the IMF's reliance on deflationary measures
made economic problems worse by increasing unemployment and hindering growth. She
calls attention to the negative impacts of austerity measures on social expenditures and the
fight against poverty, and she suggests a more flexible and growth-oriented strategy that is
customized to the unique socioeconomic circumstances of each country. Pollard's study
emphasizes how crucial it is to tailor stabilization measures to specific country
circumstances, and he calls on the IMF to give growth-promoting initiatives top priority and
take socioeconomic issues into account when establishing policies.
IMF Programs: Do They Work? is a 2006 research by Diego Saravia and Ashoka
Mody. Can Their Performance Be Improved?" evaluates the effectiveness of 134 countries'
IMF initiatives between 1980 and 2004. Research indicates that IMF programs provide short-
term benefits in terms of economic growth and poverty reduction, despite critics' claims that
they frequently make matters worse. Long-term effects are still unknown, though. The study
emphasizes how crucial a number of factors such as the start of the program's financial state
and its implementation, are to its outcome. In general, it adds factual data to the discussion
about the effectiveness of the IMF, highlighting the complex relationship between
institutional, political, and economic factors.(Bird 2001)

The impact and controversy surrounding the IMF's intervention in Thailand, Korea,
and Indonesia during the Asian financial crisis in the late 1990s are examined. Due to
financial assistance and restrictions imposed by the IMF, opinions among experts regarding
Indonesia's long-term economic growth have been divided. It was generally agreed that IMF
operations in Korea had succeeded in bringing stability and trust back. Thailand received
criticism from the IMF for its severe actions. Research highlights many factors that impact
the results of IMF initiatives, such as the intensity of the crisis and the cooperation of the
government. Although the IMF stabilized economies and helped people trust financial
systems again, there are also complaints that it neglected larger issues. Future studies could
look into long-term impacts and other approaches to crisis management. (Stiglitz, Ocampo et
al. 2006)

"The Political Economy of IMF Lending in Africa" by James Raymond Vreeland

explores the complex relationship between African countries and the IMF, emphasizing the
effect of political interests and economic theories as well as the unproductive nature of IMF
lending. Vreeland advocates for reevaluating IMF financing policies to ensure adaptability
and accountability. In response, scholars suggest different approaches that place a stronger
emphasis on democratic decision-making and community ownership for sustainable
development. It also emphasizes strengthening democratic institutions. The debate on the
feasibility of foreign aid in Africa is sparked by Vreeland's study, which also encourages
more research into the program's effectiveness. (Stone 2004)
 Academic research on the selection criteria for IMF programs and their impact on the
growth of economies in developing countries spans the years 1973–2001. The possibility
of IMF participation grows with higher external imbalances and weaker institutions. The
long-term effects of IMF programs on economic growth are a topic of debate; some claim
short-term benefits but unclear long-term consequences. Program efficiency results are
inconsistent across a range of procedures, including case studies and regression analysis. The
design of IMF projects should take institutional and national settings into account, according
to recommendations. Subsequent studies ought to investigate varied effects among countries
and substitute policy methodologies for sustainable development. In summary, although IMF
interventions have the potential to stabilize economies temporarily, their long-term impacts
are still being discussed in academic circles and require more research.(Barro and Lee 2005)

Graham Bird criticizes the IMF's influence on economic reform in his 2001 book,
"The IMF and Economic Reform in Developing Countries," wherein he contends that the
organization's focus on short-term stability results in ineffectual austerity measures and
unforeseen consequences including inequality and environmental degradation. With evidence
from developing countries, Bird argues in favor of more sophisticated, situation-specific
methods of implementing economic change. Some dispute Bird's tough position on the IMF,
despite the book being appreciated for its observations. All things considered, the book adds
to our knowledge of IMF interventions in developing nations by highlighting the necessity of
more deliberate tactics. For academics, decision-makers, and anybody else with an interest in
global financial institutions and economic development, it is still required reading.(Bird
2001)

The impact of the IMF on global economic development is thoroughly examined in

"The IMF and Economic Development," edited by James M. Boughton and Domenico
Lombardi. The book offers insights from case studies and critical evaluations and is divided
into parts that explore different aspects of IMF involvement, such as financial support and
guidance on policy. Although it recognizes the positive contributions made by the IMF, it also
draws attention to its shortcomings. Highly praised for its comprehensive examination and
unbiased viewpoint, the book is an invaluable tool for researchers, practitioners, and
policymakers who aim to comprehend the complex nature of IMF interventions. It makes a
major contribution to the conversation about international financial institutions and how they
affect global economic governance and development.(McDowell 2017)

The study conducted in 2007 by Dreher and Jensen investigates how IMF programs
and loans affect economic growth. They discover a beneficial short-term effect that fades
with time, but they also observe notable growth improvements in countries that follow IMF
conditionality. For maximum effectiveness, recipient nation-specific IMF programs are
prioritized. Subsequent investigations ought to evaluate the enduring consequences, distinct
impacts on different countries, and the impact of IMF conditionality. Overall, the research
helps policymakers enhance the efficiency of IMF programs by offering critical insights into
how to maximize IMF support for economic growth and stability through policy alignment
and adherence to IMF requirements.(Dreher 2006)
In contrast to data from other regions, Lobangani and Mauro (2001) show a negative
association between IMF programs and economic growth in the Middle East. They blame this
on the region's high reliance on oil exports, which has been made worse by the austerity
measures imposed by the IMF. Their analysis emphasizes the necessity of customized IMF
initiatives that take into account local and national circumstances, especially in economies
that rely heavily on oil. Their analysis emphasizes how crucial it is to comprehend the
relationship between IMF interventions and economic dynamics, especially in areas with
unique vulnerabilities. This implies reconsidering policy initiatives to deal with particular
issues. In order to avoid negative effects on growth and stability in economies that rely
heavily on oil, policymakers, and international financial institutions should take these
subtleties into account. (Ho and Mauro 2016)

A comprehensive overview of recent staff research on IMF-supported programs is

presented in a 2016 paper from the IMF Research Department. While acknowledging areas
for improvement in program design and delivery, it emphasizes how crucial it is to customize
policies to the particular circumstances of each country. The article argues for tailored
methods for policy implementation by highlighting the achievements of IMF programs in
decreasing poverty and inequality, encouraging growth, and stabilizing economies. It
emphasizes the IMF's contribution to global economic stability and cooperation and calls for
closer coordination with other organizations to achieve comprehensive global economic
governance. Overall, the report provides insightful advice to governments and international
organizations on how to improve program efficacy while encouraging inclusive development
and sustainable growth.(Stubbs, Reinsberg et al. 2020)

An overview of recent staff research on IMF-supported programs is given in this

publication, with an emphasis on program design, the impact on stability and economic
growth, and the crisis support role of the IMF. It emphasizes how effective IMF-backed
initiatives have been in reducing poverty, promoting economic growth, and maintaining
economic stability, particularly in times of crisis like the COVID-19 pandemic and the global
financial crisis. The study emphasizes how important IMF interventions are for achieving
economic goals and supporting countries during difficult times. It recommends more research
on the design of the program, how it affects inequality, and how the IMF handles crises. All
things considered, the results highlight the advantages of IMF programs and the necessity of
tackling issues of inequality and improving program design in subsequent studies.(Mody and
Rebucci 2006)

In "Reforming the International Monetary Fund: Views from the Field," Edwin M.
Truman provides a detailed analysis of the IMF's advantages and disadvantages in the global
financial system. Truman calls for reforms that prioritize openness, responsibility, and
responsiveness—particularly about the requirements of developing countries—and criticizes
the IMF's austerity measures and crisis management strategies. Using his background as a
former IMF official, Truman makes viable reform suggestions that emphasize transparency,
accountability, and a move toward growth-oriented policies. Truman's book offers concrete
reform recommendations targeted at enhancing the IMF's efficiency in fostering economic
stability and growth, which can educate policymakers and scholars. His knowledge of global
economics enriches the book's contribution to the current discussion on IMF reform.(Lipscy
and Lee 2019)

Essential insights into the crisis and its ramifications may be gained from Michael
Mussa's edited volume on the IMF's involvement in the Asian financial crisis of 1997–1998.
It looks at the financing programs, policies, and response of the IMF, pointing out its
advantages and disadvantages. In their analysis of the lessons learned, experts highlight the
necessity of IMF reform and cooperative crisis management techniques. By utilizing a variety
of viewpoints, the book offers a sophisticated comprehension based on factual data. It
demands cooperation with international financial institutions and modifications to the IMF's
crisis response procedures. For practitioners, scholars, and politicians, "The IMF and the
Asian Crisis: Experience, Lessons, and Challenges" is an invaluable resource that adds to the
conversation about global financial stability and crisis management.(Mussa 2006)

The edited volume by Reuven Glick and Mark M. Spiegel explores the complex
mechanisms underlying financial crises in developing nations. It provides a thorough analysis
of the causes, consequences, and potential policy responses for various crises, emphasizing
how they may affect the global economy. The authors examine diverse policy strategies, such
as capital controls and IMF bailouts, evaluating their effectiveness and consequences for
financial stability and economic recuperation. The book emphasizes the interconnected
financial institutions and promotes coordinated international actions to reduce systemic risks.
Policymakers, scholars, and practitioners navigating the complexity of financial crises will
find "Financial Crises in Emerging Markets" to be a vital resource as it offers incisive
analysis and guides solid policy solutions to protect global financial stability.(Glick, Moreno
et al. 2001)

This paper assesses Asian IMF-funded projects and shows how they affect the
economic results of the area. It highlights the favorable correlation between these initiatives
and enhanced financial outcomes, observing a change toward more flexible designs.
Regardless, there are implementation issues that arise due to the intricacy of executing
policies in various economic circumstances. The report identifies the causes of
implementation challenges and makes suggestions for solutions, such as improved
coordination with foreign organizations and customized technical assistance. The report adds
to the current conversations on enhancing the efficiency of IMF-backed programs in Asia by
pointing out areas for improvement while also acknowledging their significance.
Policymakers and international organizations seeking to promote economic stability and
advancement in the region might benefit greatly from its insights.

Robert H. Bates contends in his paper that the IMF's policies in Sub-Saharan Africa
impede economic growth. He blames the austerity measures implemented by the IMF, which
worsen poverty and inequality while stalling economic growth, for the region's economic
woes. Bates identifies the IMF's strategy's main effects as being lower investment, slower
growth, and lower social spending. He urges a change in direction toward policies that put
economic expansion and reducing poverty ahead of austerity, highlighting the necessity of
addressing structural problems and governance difficulties for sustainable development. "The
IMF and Aid to Sub-Saharan Africa" critiques the IMF's work and makes the case for updated
policies that would encourage equitable economic growth. Bates' observations, which tackle
poverty and underlying inequality, add to the continuing conversations about promoting
development in the area.(Tilley 2016)

In their critical analysis of the IMF's reaction to the Asian financial crisis, Boughton
and Lombardi show how this organization prioritized short-term stability over long-term
structural improvements, which exacerbated the crisis and damaged public confidence. They
also criticize the new global financial architecture for stressing crisis management over
prevention and failing to address global imbalances. They suggest measures that would
increase accountability, lessen reliance on limitations, prioritize long-term structural changes,
and take a comprehensive approach to crisis prevention to improve the efficacy of the IMF.
Policymakers and academics tackling the issues of financial globalization and crisis
management may find "The IMF and the Politics of Financial Globalization" to be a useful
resource as it gives recommendations for necessary changes.(Thirkell-White 2005)

Boughton and Lombardi criticize the IMF's handling of the Asian financial crisis,
pointing out that it worsened the situation and undermined public trust because it was too
focused on achieving short-term stability. They also criticize the global financial architecture
for ignoring global imbalances and giving crisis management precedence over prevention.
They suggest actions include tighter accountability, less reliance on restrictions, and giving
long-term structural reforms priority to improve the efficiency of the IMF. With suggestions
for necessary reforms, "The IMF and the Politics of Financial Globalization" offers insightful
analysis for scholars and policymakers tackling the issues of financial globalization and crisis
management.(Strand 2005)

Research Gap
The need for more research on the long-term effects of IMF policies, the efficacy of
suggested alternative development methods, and the role of democratic institutions in
sustainable economic growth on the continent is the research gap in Vreeland's analysis of
IMF lending in Africa and subsequent academic responses.

The literature on IMF programs in developing countries has revealed a research gap
that needs to be filled in order to fully understand the programs' long-term implications on
economic growth. Although research has emphasized the immediate advantages of IMF
interventions, such as economic stabilization and confidence-boosting, there is still
disagreement among academics on the long-term effects of these measures.

According to Graham Bird's analysis, the literature on the IMF's role in economic
reform in developing nations has a research vacuum that mostly relates to the need for
additional investigation into the long-term efficacy and unintended repercussions of IMF
initiatives. Although Bird criticizes the IMF for emphasizing poverty and short-term
macroeconomic stability, there is a dearth of thorough research on the long-term effects of
these policies on social outcomes and economic progress.

Although the book by James M. Boughton and Domenico Lombardi offers a thorough
study, there may still be an absence of research regarding the long-term impacts of IMF
interventions on developing countries. Comprehending the long-term effects of IMF policies,
in addition to their immediate consequences, may provide important new perspectives on the
challenges and efficacy of IMF strategies for promoting economic development. The present
discussion on the roles played by international financial institutions in economic growth and
governance might benefit from more research on the long-term effects of IMF interventions
in developing countries.
The research gap noted by Dreher and Jensen's paper emphasizes the necessity of
additional study into the long-term effects of IMF loans and programs, with an emphasis on
how various nationalities are impacted by IMF interventions over protracted periods of time.
Furthermore, investigating how IMF conditionality affects program results is essential to
improving the efficiency of IMF programs in advancing sustainable economic development.
The study by Lobangani and Mauro (2001) pointed out a research gap that
emphasizes the need for more investigation into the unique economic dynamics of places like
the Middle East and how they interact with IMF initiatives. The analysis specifically shows a
strong negative link between IMF programs and Middle East economic growth, highlighting
the damaging effects of the austerity measures imposed by these programs on domestic
demand, particularly in economies that rely largely on oil exports.

The IMF Research Department's 2016 article and the IMF World Economic Outlook
(WEO) from October 2016 both identify research gaps that underscore the need for additional
investigation into the long-term effects of initiatives funded by the IMF on economic
development, poverty reduction, and inequality. In particular, there is a lack of knowledge
regarding the long-term effects of IMF interventions on various types of countries and the
ways in which IMF initiatives interact with the distinctive economic systems of regions such
as the Middle East.

The IMF staff research documents highlight a research gap that highlights the need
for additional investigation into the structural features of programs backed by the IMF, their
effect on inequality, and the IMF's crisis management tactics. By filling in these gaps and
strengthening program design, more research is required to improve the efficacy of IMF
efforts and better promote economic goals and support countries in times of crisis.
The need for more research into the long-term effects of these initiatives on economic
growth, poverty alleviation, and inequality is the research gap found in the literature on IMF-
supported programs. In particular, there is a lack of knowledge regarding the long-term
effects of IMF interventions on various types of countries and the ways in which IMF
initiatives interact with the distinctive economic systems of regions such as the Middle East.
Additional investigation is required to evaluate the efficacy of IMF programs in tackling the
unique issues encountered by various countries and to customize policy approaches to
improve the results of IMF-backed projects.
The sources include studies on the effectiveness of programs funded by the IMF, the
preparedness of the IMF Research Department, and the societal impacts of the Asian financial
crisis. Program evaluation, research competency, structural distortions that cause crises, and
the effects on nations like Korea and Indonesia are some of the subjects covered.
The collection by Reuven Glick and Mark M. Spiegel highlights the research gap in
the literature on financial crises in emerging economies and emphasizes the need for more
studies to determine how effective policy solutions to these crises are. In particular, there is a
knowledge gap about the long-term effects on financial stability and economic recovery of
different crisis management techniques such debt restructuring, capital controls, and IMF
bailouts.

The analysis of IMF-funded projects in Asia recognizes implementation issues but

emphasizes the initiatives' positive effects on economic outcomes. It highlights the necessity
of more specialized methods and technical assistance. It is necessary to conduct additional
research on improving efficacy, comparative analysis of program success, long-term impact
evaluation, policy adaptation techniques, and stakeholder involvement enhancement in order
to optimize IMF interventions in Asia, as there is currently a research void in this area.
A research vacuum that calls for a change in IMF approach is revealed by Robert H.
Bates' study on the IMF in Sub-Saharan Africa. He highlights that in order to achieve
sustainable development, economic expansion and the fight against poverty must come first.
In Boughton and Lombardi's evaluation of the IMF's response to the Asian financial
crisis, a research gap was noted regarding the need for a more thorough strategy that tackles
global imbalances and gives priority to long-term structural changes and crisis prevention
over immediate stabilization and crisis management

The study by Boughton and Lombardi highlights the need for better ways to support
sustainable economic growth and points out a significant research gap in our knowledge of
the difficulties the IMF has in striking a balance between macroeconomic stabilization and
long-term development.
It all started in 1958 when Pakistan went to the IMF to request for a loan. The IMF in
response agreed. Since then Pakistan has gone to the IMF a lot of times to request a loan due
to their economic instabilities, when the country became war torn, and also when the country
was running short on reserves. Other than this there were various reasons for Pakistan’s
occasional visit to the IMF for a loan. In the 1980’s and 1990’s, Pakistan went through severe
economic difficulties, which caused the Implementation of several IMF sponsored policies
(Shahbaz Rana,2023). So, Pakistan received loans from the IMF which plays a huge role in
keeping the country’s economy stable. In the late 80’s An approximate of $500k was loaned
by Pakistan by the newly formed democracy at the time with the intention to adjust facilities
in the country. It was the 1990’s, when one of Pakistan’s all time great Benazir Bhutto went
to the IMF for more loans. Despite all the loans taken by Pakistan in the this tiny era, poor
handling of the economy and money continued ( Dr. Ashfaque Hasan Khan,2019). This was
only the one of many times Pakistan’s government went to the IMF. In the 2008 global
financial crisis, Pakistan was experiencing severe external shocks which was taking a toll on
Pakistan’s economy. To assist in stabilizing Pakistan’s economy, the IMF gave an
approximate of $7.6 billion was provided by the IMF. Despite structural weaknesses in
Pakistan and problems with policy implementation this financial aid helped in stabilizing
Pakistan’s economy. In about 5 years time Pakistan joined an IMF initiative aimed to address
growing economic issues such as lack of reserves, shortages of energy, and fiscal imbalances
(IMF,2008). This reform initiative managed to gather $6.6 billion from the IMF. The main
aims of these initiatives were to strengthen the banking system’s, budget control, and
changes in the energy sector of the country. This helped the economy but faced a lot of
opposition due to structural changes. In 2018, Pakistan/s foreign exchange reserves were
declining and were also going through payments issues. SO another IMF loan was taken
which amounted to $6 billion. This was to fund even more structural changes in previous to
previous ones in hope to ensure long term growth. The reason for these were to enhance the
business environment, increase revenue, and boost fiscal management (Haque, N., Qasim, A.
W., & Khan, F. J. 2023). One of the times where the entire world suffered all together was
when Pakistan received a loan. During 2020’s global pandemic, countries suffered due to
lack of trade, extra costs of healthcare, etc. Pakistan was also one of these victims which were
strongly damaged. To help fund these the IMF loaned out around a billion dollars to Pakistan
to support financial needs during this tough time (Wang, C., Wang, D., Abbas, J., Duan, K.,
& Mubeen, R. 2021).
Pakistan’s neighbor India also has history with the IMF with their first ever loan dating back
to 1957. This amount was 72500 SDR. But in our case, let us date back to 1991 when India’s
exchange rate was facing major changes. The government of India used u p their reserves to
slow down the decrease in value. When the reserves were nearly finished their exchange rate
fell hard and fast against major currencies worldwide. All of this was caused by an imbalance
of payments issue (Bhatt 2010). Over expenditure despite having high amounts of debt and
trade deficits at that time also was a reason for this economic downfall of their exchange rate.
A major factor which contributed to this downfall was restrictions on trade at that time. Due
to the gulf war there were a lot of trade restrictions, lowering oil supplies and increasing costs
despite reduction in supply of oil. Also adding to the pain was that they were also going
through political instability in which they were not allowing important changes according to
IMF policies (Amit and Kafy 2024). Because of this liberalization policies started coming
into place and the govt. of India started asking other countries for help in this situation. As a
result, several economic reforms started taking place be encouraging participation from the
private sector, , liberalizing the economy, and bringing in foreign investment. In the end IMF
provided a loan of $2.2 billion to India to help their economy. The next time of dire need for
India came in 2008 after the global financial crisis which had its effects. Similar to Pakistan,
India was affected by external shocks which was leading to a downfall in the economy.In
addition, a decrease in demand for exported goods and a shortage of foreign money and
reserves put pressure on the economy (Arvind Panagariya,2010).
The pressure was increased by concerns about banks having high vulnerability and
fluctuations in the stock market. This decreased economic growth which led to
unemployment in India. This was also caused by a balance of payments so the government of
India asked for a loan from the IMF. In response, The IMF granted India a loan of $2.6
billion which helped them rebuild their economy in the face of uncertainty and rebuild
investor confidence ( Dash, K. C. 1999). After that rebuild, India achieved a lot of economic
success up until 2020 when the world was hit by a severe pandemic which led to economies
around the world struggling. India just like the majority of the world had to face huge
amounts of losses and a high cost of health care during the pandemic needed financial aid
from the IMF. Not only were the costs really high, international trade was very severely
affected by this global pandemic and India which is one of the major exporters on the planet
was facing difficulties in doing so with being unable to keep up due to the pandemic (Shafi,
Liu et al. 2020). The IMF in the end gave India a $4.2 billion loan under the Rapid Financing
Instrument to help stabilize its economy. improve its response to healthcare emergencies and
crises, and companies and families which are already running on government aid ( Dash, K.
C. 1999).

Well obviously these loans are not just handed out to countries for fun. The IMF while giving
out these loans impose conditions on the countries they loan out to. Since Pakistan is one of
the lenders of the IMF there were conditions imposed on them. For Pakistan, there are fiscal
reform requirements such as Budget deficit reduction, tax revenue growth, and rationalization
of government spending (Khurram Husain,2015). The goal of this is to improve sustainability
and making Pakistan less dependent on external loans. With the IMF’s financial aid, Pakistan
was required to carry out structural reforms like opening up markets, liberalizing trade, and
privatizing public companies. What the IMF meant to seek out from imposing the increase
competitiveness, efficiency, and entry into the international market (Dash, K. C. 1999).
Additionally, there were conditions set on the monetary policy of Pakistan. These usually
involved measures to support the banking sector, stabilize exchange rates, and control
inflation. The goals of these conditions are to regain investor confidence and to regain
economic stability.
There were not as many reforms needed for India in comparison to Pakistan considering the
conditions imposed on the governments. One of the reforms from the conditions from the
IMF which India had to do was Liberalization. India early liberalization efforts with IMF
engagement took place in the early 1990’s with policies and conditions which included trade
liberalization, deregulation, and privatization of public or state owned companies (Mike
Waugh,2013). The aim for this condition was to lead India to a more market oriented
economy. Another reform which the IMF put in place was for India’s financial sector. The
purpose and goals of this was to fix banking laws, increase transparency, and boosting
financial stability. These were often parts of IMF programs in aiding India (Eichengreen, B.
1993). One of the final things which the IMF always wanted to aid India with was controlling
exchange rates. The reason for IMF wanting this to happen in India could be to maintain
stability. As India is a major hub of imports and exports having a stable economy and
exchange rate will help them a lot as they can mitigate the prices during a crisis such as
external shocks on import prices which helps them to control inflation (IMF,2004).

As there were goals set prior to IMF loans which are set by the IMF on a country. The loan
that the IMF lends leaves an impact on a country’s economy which will somewhat show
whether the loan was use appropriately and show how the governments are using their
finances on whether they are poor or good at controlling finances. In Pakistan’s case the
funds provided by the IMF did leave an impact as these loans atleast temporarily at times
helped the government of Pakistan to restabilize their economy ( Nelson SC,2014). The
reason for this were the conditions imposed by the IMF which were basically all based
around economic reforms and restructuring to find a new and better way to manage a country.
Another thing which these loans conditions had an impact on was the Pakistan’s foscal
imbalances.as they were significamtly improved. There was a downside to these conditions
and reforms which took place as there would always be some people who would face
difficulties due to these short term measures (Akhtar, A.S. 2010). These problem are most
likely caused by job losses which happened due to all the financial reforms, economic
reforms, etc. One of the main positives from the impacts these conditions was that these
economic reforms caused by the IMF helps regain investor confidence. This would help the
government of Pakistan stabilize its economy on a greater scale as these would lead to a
greater amount of foreign investment and quicker and better access to international markets
(IMF). Over time, this can lead to help pay for infrastructure improvements and lead
economic growth. Despite all the positives there are always consequences that follow. In this
case, a negative impact IMF conditions had were that it deepened economic gaps which could
potentially lead to destroying the middle class and would restrict the access of these funds for
the people who are most in need.
India also took away positives from the IMF loans that they took. Under IMF’s financial aid
and imposed conditions for economic reforms, India’s GDP grew a decent amount and they
were successful in having better and quicker access to international markets. The
liberalization measures helped India achieve economic growth which was overall done by
regaining investors confidence which lead to an increase in investment as well as foreign
investment (Prasad, E. S., & Rajan, R. G. 2008). International market inclusion helped them
to increase competition in exports which helps India till this day as a major exporter in
international trade. These positives were accompanied by its negatives. Similar to its
neighbor Pakistan, India also faced deepening economic gaps and and increase in income
disparity as well as gaps in society in places such as rural and urban areas. These were not the
only negative impacts they faced, critics argued that the IMF imposed conditions that
increased inequality by favouring market oriented measures over social welfare
considerations. This would mean that the needy may not have received the funding of the
IMF appropriately. Another thing which was argued by critics was that these IMF reforms
and externally pushed adjustments weakened India’s policy autonomy. The reason for that
which they argued was that these refroms did not relate to India’s national priorities and
development goals (Ishrat Husain,2009).
The three IMF loans to India have only one thing in common, they all happened at times of
economic decline and external shocks, and each crisis needed aid. To increase economic
stability and integrity, the loans also came with requirements meant to correct economic
inequalities and encourage structural reforms.There were differences in the three cases with
regard to loan amounts, conditions imposed, and economic outcomes. Loan amounts which
were decided by the urgency and how severe the situation was but the US plays an important
role in providing financial assistance in the sector of agriculture and long term loans
(P.N.Thomas,1994). Conditions imposed differed according to policy objectives and the
extent of the crisis, while loan amounts were decided by the intensity of the crisis and India's
finance needs. Mainly the IMF imposed such type of conditions which managed the
inflation,stabilize the economy and proved beneficial in implementing different types of
reforms.For Instance,In 1991 during the economic crises ,the conditions by IMF are to
increase the foreign reserves and implementation of monetary policy reforms.The various
obstacles that India encountered during each crises were shown by the impact of factors like
the effectiveness of policy and external shocks on economic outcomes (Priya Chacko. 2018) .
Given these variations, IMF loans were important in helping to stabilize India's economy and
advance sustainable development.Also,the economic growth of India show a rise after the
independence.They grow in every sector such as making a advanced infrastructure and made
a industry which drives the economy towards the direction of positive development (Peter
ShieldsSundeep Muppidi. 2016).

IMF loans to Pakistan show commonalities, which show current economic difficulties and
intervention goals. The necessity of stabilizing the economy and implementing reforms is
consistently underlined by Pakistan's reliance on IMF support during times of economic
trouble, such as balance of payments crises, fiscal deficits, and external shocks. IMF
conditions, which usually focuses on financial consolidation, structural reforms, and
governance changes, is essential to these initiatives (Kamran Haider and Ismail
Dilawar,2013).These conditions are implemented in order to peomote the long term growth in
the country. In order to solve structural flaws and create sustainable economic growth,
Pakistan has so implemented considerable policy changes, including fiscal adjustments, trade
liberalization, privatization initiatives, and improvements to the business
environment.Pakistan almost received $24 billion from the IMF since 1958.The largest being
taken by the Pakistan is in 2008 which worths $7.5 billion.But the issue remains the same ,
Pakistan is continuously violating the term and conditions which causes the high
inflation.This inflation causes Pakistan to turn to IMF everytime and get agreed on their term
and condition in order to continue the loan agreements (Muhammad Zubair Khan,2012).On
the comparison with the India,Pakistan received loans multiple times due to their worst
economic conditions which is majorly due to the unstable governments in the history.Still,
there are significant variations in the IMF loans to Pakistan, which show varied economic
conditions and program details in various cases. The size and quantity of loans has varied
according to the extent of the crisis and the necessity for funding, and the terms that have
been placed on them have changed to meet particular difficulties. A variety of factors,
including the application of policies, external shocks, and domestic dynamics, have affected
the economic outcomes. While some programs had difficulties with implementation and
strength, others resulted in improved indicators and short-term stabilization. The social
effects of IMF programs have been controversial, and governments have handled the
consequences differently, ranging from targeted social safety nets to budget cuts that
negatively harm those most in need ( Shahbaz Rana,2023).
Overall,both the countries involves in the agreements with the IMF but India shows a positive
growth in the last 10 years and Pakistan continuously dipping into the hole which is created
by the unstable governments.This makes the living of common person much difficult due to
surge in the prices of basic essentials.
The introduction of changes asked by the IMF may be challenged by opposition from
political parties, labor unions, and civil society organizations, which can result in protests,
strikes, and political instability. Attempts to reach an agreement may also be hampered by
alliances and political division.Pakistan's economy is weakened by strong structural flaws
such as poor governance, corruption, and inefficiency in public institutions. Significant
reforms in fields such as tax administration, public contracting, and judicial reform are
important to address these issues.The root of these issues is the unstability of governments in
country (Mushtaq H. Khan,2010).This is proved by history of each government ,neither of
the government completed their tenure of 5 years since the independence of
Pakistan.Pakistan's security issues, which include an uprising, terrorist activities, and
international conflicts, have the potential to slow down economic operations, discourage
investment, and affect attempts to stabilize the economy. To bring in investment, boost
tourism, and encourage economic growth, security and stability are crucial (Aarish Ullah
Khan,2005).

IMF policies involving increase in power tariffs and reduction in subsidies may have negative
social effects, especially on people in need including the less fortunate, women, and
minorities. Initiatives to reduce poverty, protective measures for the most weak, and
customized social security networks are necessary to address the social consequences of
economic reforms.Pakistan's large levels of public debt, particularly the promises it has, its
external debt, and other debts, provide major challenges to economic stability and fiscal
stability (Saroop Ijaz,2023). Programs funded by the IMF with the goal of budget reduction
and debt restructuring must carefully balance cutting debt with preserving critical public
services.External shocks can worsen economic weaknesses and interfere with the execution
of policies. Pakistan is sensitive to external shocks such as swings in oil prices, worldwide
economic recessions, and regional conflicts. Increasing trade and investment links with a
number of partners, diversifying the economy, and decreasing reliance on imports are all
necessary to increase resilience to external shocks , ( Eric Martin and Faseeh
Mangi,2024).Economic planning, tax collection, and social protection are restricted by
Pakistan's huge informal sector, which is distinguished by illegal work, tax evasion, and a
lack of rules. Targeted policies are needed to encourage formalization, expand access to credit
and financial services, and promote labor market conditions in order to formalize the informal
economy (Muhammad Umar Ayaz,2023).Because of poor infrastructure, poor management,
and troubles with administration, Pakistan suffers from a continual energy deficit, mainly in
the power sector. Investments in energy infrastructure, changes to policies that support energy
conservation and efficiency, and a change in the supply of energy toward sources that are
environmentally friendly are all necessary to address this issue.Also,the excessive printing of
money to finance the budget deficit continuously making a life difficult for Pakistan because
it creates inflation (Laveet Kumar,2023) .
The federal system that governs in India, which gives state governments a lot of power, can
cause problems with communication and policy differences between the federal and state
governments. Effective policy implementation requires interaction between the several levels
of government and policy consistency.India has problems in understanding how innovation
and technology could lead to employment growth, economic growth, and increased
productivity (Kenneth Wiltshire,2010).To fully realise India's potential for innovation and
improve its competitiveness in the global economy, it is important to create environments for
innovation, eliminate the gap between the generations, and promote digital
literacy.Governance and implementation are made difficult by India's wide sociopolitical
diversity, which includes things such as regional differences, social conflicts, and rural urban
splits. Supporting suitable and sustainable development involves adjusting policies to the
particular requirements and goals of many groups and areas.Trade unions, opposition parties,
and interest groups might reject IMF made changes if they believe they present a threat to
social welfare programs or traditional interests (Hanna 2018). Stakeholder interaction,
collaboration, and effective communication are very important to create agreement and win
political support for reforms.India has a lot of infrastructure limits that interrupt economic
growth and development. These include insufficient power supplies, poor transport systems,
and gaps in digital access. Fixing delays in the infrastructure requires a lot of money, new
financial management methods, and changes in legislation.Legislators face a challenge in
balancing the goals of fiscal austerity with the priority of social consumption, including
healthcare, social security, and education ( Najaf Ali Wani. 2023). It is important to
keep economic limitation while providing fair access to basic services.Also the they are
facing major challenges in managing and controlling the inflation.This is caused due to very
large amount of population which caused the government challenges to made a reforms and
subsidies for such a large population.The irregulation in these policies made a life difficult for
every individual which is living in the India.But on the other hand,their industrial and
development sector ia among the best sectors in the World (Saqib Siraj,2023)

.
IMF policies do intend to bring a positive change in a country, but while the changes,
reforms, structural changes , etc. Also, no matter what changes occur whether how big or how
small a change is there will always be someone who is negatively impacted due to changes.
In the case of Pakistan, there are a lot of rising critics who have an argument that the IMF's
Structural Adjustment Programs (SAPs) have an increased the amount of poverty and
inequalities in Pakistan (Shahzeb Usman ,2024). This criticism comes in accordance with the
previous points we have noted down. This points gave us knowledge about the fact that IMF
support deepens economic gaps and causes income disparity. Putting all of this together will
show us that this is one of the downsides which is subject to criticism. Structural reforms can
lead to unemployment as there are a lot of new methods in increasing efficiency. An example
of this in the modern world would be AI taking over jobs and increasing unemployment. So it
is a fair argument to point out increase in poverty (Mathhew Polacko,2021). Another thing
that is argued in Pakistan is that the IMF’s conditionality’s such as reducing subsidies,
increasing tariffs have an impact on the already poor. These similar IMF conditions with
similar outcomes show that IMF use a uniform approach which faces criticism for not having
many other ways. Also the IMF receives criticism as their constant lending is leading to a
very high dependency on foreign aid and IMF loans. Critics argue that this high dependency
on foreign aid undermines economic sovereignty and preserves dominance in the
international market rather than fixing national policy making (Muhammad Naeem,2023).
Another criticism they face is fiscal discipline. The argument they say is that this hinders
Pakistan’s economic growth and development. Fiscal discipline basically involves
restructuring and reforms which affects the economy. The argument provided is that the
IMF’s conditions weakens the country’s ability to have influence in international markets.
The same applies to the effects it has on bilateral relations as countries may have divergent
views of IMF involvement in Pakistan (Shahid Sattar, Absar Ali,2023).
Similarly, critics in India just like critics in Pakistan, have the same reasons for criticising the
IMF just like in Pakistan. In accordance with negative effects prior to this which mentioned
how India faced a widening gap in income disparity which was leading to problems in the
country. This increasing gap increases poverty level and shows how the people who need
funds most are not benefiting from IMF loans (Garcia-Penalosa, C. 1999). Another criticism
IMF gets is for increasing unemployment rates which also ends up leading the Indian
population to financial trouble for their basic needs. Fiscal discipline was criticized for
having structural reforms not in accordance with national plans and goals. Also IMF lending
leads to geopolitical problems in the international market where countries have different
opinions due to IMF control in the country (Alesina, A. and Rodrik, D. 1994). The last
problem which is criticized is for high dependency on foreign aid following IMF loans. This
could give bad public sentiment just like for Pakistan. So both neighboring countries despite
their differences have a lot in common when it comes to the criticizing the IMF. On the other
hand, Pakistan has a lot more loans as India no longer has loans (Castello-Climent, 2010).

Since there are positives and negatives of IMF policies, there are a decent amount of
recommendations that the IMF could use to make their reforms, loaning out policies a lot
smoother. The recommendations that will be named are not commonly used by the IMF or
the governments of both India and Pakistan. Firstly, Pakistan should establish youth
entrepreneurship funds to support the youth of the country(Hung Tran,2023) . The
government of Pakistan should first seek help from the IMF to provide policy advice on
designing youth entrepreneurship workplaces, promoting innovations among the youth, and
technology adoption. This increases overall economic growth as the young entrepreneurs
would be part of this fund. The way this fund would operate is that the rising young
entrepreneurs of the country to help them in each of their respective startups by helping them
to access finances, mentorship to educate them in this field of business, and other progra ms to
build their capacity (Ahmed, V. 2017). Pakistan should use their funds dedicated
to preserve its rich cultural heritage, which includes things such as historical sites,
monuments, and their unchangeable cultural heritage, in order to protect and promote these
assets. By doing this Pakistan can also promote tourism to promote its cultural heritage. The
reason why this could bring in money is because the entire world is moving towards
modernization and futuristic designs and structures. By doing the opposite they keep their
cultural heritage alive and can bring in more interest than futuristic things as cultural
heritages are scarce (Ahmed, V. and Qadir, A. (2018). The IMF can offer technical and
financial support for making preservation plans for cultural assets, enlisting public and
private funding for projects whose goal is to preserve cultural assets and make use of cultural
tourism projects to create economic advantages through keeping cultural heritage while
safeguarding our cultural diversity and national identity which will always remind Pakistan of
who they are and where they came from. The main take from this is that it could be a huge
source of money to stabilize the economy (Husnain, M. 2009).

In our current day and age, these recommendations only apply in relation to Pakistan and
IMF. Pakistan's neighbor, India, is no longer a lender from the IMF as the government of
India in the past years have been very successful in leading the country to a lot of economic
success and prosperity. India in fact is now a contributor in IMF. This shows how even after
being in a severe economic situation where the country was struggling, you can rise back up
and be on top of the world (Naqvi, Natalya,2012). India now has one of the biggest GDP’s in
the world. Despite this if an unfortunate circumstance was to appear for India and they have
to go to such an extent to take a loan from the IMF, there are a couple of recommendations.
India can go towards green infrastructures to move towards renewable energy. There should
be policies on the IMF for this to be part of a structural reform in India. This will also
contribute to calm down harsh climate change. Another thing they could possibly need in
today's time is fin-tech innovation to promote financial parts of the needy as well. This could
be done by aiding the needy in getting more education on digitization. This reduces a gap in
society and would help boost economic growth (Yaqub, Muhammad ,2012).
Now finally, Pakistan has been in a crisis for a long time now and has a debt of several billion
which were lent from the IMF. Despite receiving all the aid Pakistan has been unable to use
the aid from the IMF properly and is still in a continous cycle of constantly lending money
from the IMF. Which is why it is fair to call Pakistan’s current era the IMF crisis. This IMF
crisis has seen Pakistan consistently going back to the IMF for money as Pakistan/s reserves
run out. Pakistan needs strict control to get a hold of themselves and their finances. In the
current state a lot of things need to be changed. One of the things that needs changing are
their institutes, organizations, and markets which all need reforming. By doing this, Pakistan
can increase their economic efficiency by a significant amount as well as their
competitiveness, and transparency (Iqbal, Zubair 2007). By simplifying prices and making
sure that they represent market forces, a price commission could be created. By doing this
there would be a rise in fair competition, prevent monopolies and end up reducing
inflation. This commission would oversee and control prices in all of the industries across
the country, promoting more effective resource allocation and improving consumer welfare.
Also, this price commission will end up helping the government of Pakistan to boost the
economy and increasing economic growth (Autor, D 2019). In addition, Pakistan can create
something called an economic war council whose goal will be to look over all these reforms,
making for better decision making, and a assisting in policy implementation and
enforcement.This council would have big stakeholders from the government, private sector,
and civil security which will help and improve the teamwork to bring in structural changes in
the end which aim for sustainable development in the country (Sakib Sherani,2017).Another
way which Pakistan can get out of this IMF crisis is by learning from other countries such as
India, China from their past experiences. What they did was transition to sustained
macroeconomic stability and growth which requires a non-neoliberal approach which is
defined by a more active and strategic role of the government in the economy (Dr Omer
Javed ,2021).Like China, Pakistan should adopt a more logical and gradual approach of
countries like China instead of the sudden and extreme reforms pushed by neoliberalism.This
approach invloves the governing body to guide the country through strategies by investing in
key industries, the development of infrastructure, and rules and regulations that encourage
technological innovation and adoption. This approach needs strict long term planning and
stability over short term policies. By doing all of this Pakistan can make sure to enure
economic growth with sustainable development in the country which will help them benefit
from all parts in society. This approach will lead to a reduction in poverty and equal
distribution of resources which lessens the gap in society. These are the characteristics which
define a country which is moving towards success. Learning these details from China who is
one of Pakistan’s closest ally can actually help Pakistan be free from this crisis (An Lu,2015).
Also, another way for Pakistan to be free and escape from this crisis is by aligning its policies
with sustainable development goals. By doing this, Pakistan will have a lower reliance on
IMF aid and funding. By prioritizing sustainable growth, Pakistan can take care of structural
challenges and creating a more resilient economy. To align its policies with sustainable
development goals, Pakistan should increase investment in education and health care which
will be very beneficial in the long term. This involving better controlling of budgets,
improving infrastructure, and implementing programs to reach the people who are most in
need. There is also a way to reduce poverty, empower its citizens and reaching sustainable
long term growth by investing in human capital development (Nabi, I. 2011). Also, Pakistan
can promote sustainable economic growth by increasing productivity, diversifying its
economy and promoting environmentally sustainable development. This includes making
investments in sustainable and environmentally friendly agriculture, supporting renewable
energy sources, and making environmental laws stronger in order to reduce the
problems associated with climate change and improve environmental sustainability. Also,
Pakistan can make partnerships with the private sector and international organizations to
allocate resources to implement sustainable development policies. So, by aligning with
sustainable development goals, Pakistan can show its commitment and devotion to reduce
reliance on IMF aid and funding. These involves getting in key investments in key social
sectors, promoting sustainable long term economic growth, and getting a partnership with
companies, etc. The reason for supporting long term development is due to the fact that it
takes a lot of time to recover an economy and in Pakistan's case they have billions in debt that
they need to repay. By aligning their policies with sustainable development goals, learning
from other countrys’ past experiences, and reforming of their entire structure and
organizations, Pakistan can gradually move towards its own path of self reliance, success, and
prosperity (2011. A. A. Burki, K. A. Munir, M. A. Khan, M. U. Khan, A. Faheem, A. Khalid,
and S. T. Hussain).
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