1/ How should one evaluate the “structural adjustment” program between IMF and Pakistan?



The program is the result of years of poor policy choices that led to low productivity and unsustainable imbalance as i detailed in 2018.



https://twitter.com/AtifRMian/status/1029237456414154752 How should one evaluate the “structural adjustment” program between IMF and Pakistan?The program is the result of years of poor policy choices that led to low productivity and unsustainable imbalance as i detailed in 2018.

2/ The immediate challenge is to reduce domestic demand for imports without slowing aggregate demand and output too much. That is a tough task, and only a carefully designed adjustment program will get it done.



There are 3 parts to evaluating the program, and all 3 must succeed.