American economist and Johns Hopkins University professor Steve Hanke has expressed skepticism over Pakistan’s latest agreement with the International Monetary Fund (IMF), arguing that the country’s repeated reliance on IMF programs has yielded little success.
In a tweet on Sunday, Hanke criticized Pakistan’s economic trajectory and said the country has undertaken 23 IMF programs in the past, all of which he described as “utter failures.” He questioned the logic behind seeking another bailout and commented, “Stupidity is doing the same thing over and over again and expecting different results.”
His remarks came after the IMF reached a staff-level agreement with Pakistan for a new $1.3 billion loan under its climate resilience program besides securing a $1 billion tranche on the successful completion of its First Review. The deal, part of an ongoing financial arrangement, aims to support Pakistan’s economic stability while addressing climate-related challenges.
Hanke, a vocal critic of IMF interventions, has frequently pointed out what he sees as flawed economic policies in struggling economies like Pakistan.
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Agreed
“Stupidity is doing the same thing over and over again and expecting different results.”
Wow. so on point!