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Pakistan’s Economic Woes and IMF Programs: A Cycle of Failure

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New Delhi, June 20 (IANS) Pakistan has seen several International Monetary Fund (IMF) programmes to improve its economy in the past but reforms have failed and the country stares at a bigger economic crisis. The question isn’t why reform failed but whether it was ever designed to succeed, argues a new report.The report in Dawn laments that each IMF programme reaches the same diagnosis — the tax base is too narrow, distortions are too many, and institutions are too weak. “The IMF prescribes…