Talks between the IMF and Pakistan under post-programme monitoring resumed in September. Despite confidence amongst Pakistan officials in their country’s capacity to repay its loans, the IMF fears the need for a second loan early next year. In 2011-12 Pakistan repaid $1.2 billion to the IMF for an initial $11.3 billion loan which was never fully disbursed. The Committee for the Abolition of Third World Debt in Pakistan (CADTM) has led civil society demands for the cancellation of Pakistan’s IFI debt. Its 2011 book points to the 2010 floods which have increased the urgency of reconstruction efforts. So far, the government has resisted these pressures.
New BWP briefing offers critical gender analysis of World Bank lending instrument to borrowing countries.
At 75, the World Bank and IMF face a crisis of multilateralism in no small part of their own making as failed economic policies have resulted in skepticism of the international order they helped to create.
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