The Nexus of Poverty and IMF SAPs in Pakistan
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Date
2021
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Publisher
UMT, Lahore
Abstract
The Structural Adjustment Program is the top-line policy framework of International Financial Institutions like International Monetary Fund and World Bank to promote Trade Liberalization, Financial Deregulation and Privatization in Third World countries like Pakistan. These all terms belong to the Free Market Capitalism based on the Neoliberal agenda which revolves around cutting back of powers of State and the Government in any given Country and diminish it’s hold gradually on the private sector so that the Capitalists enjoy no interference whatsoever in the wealth creation and profit maximization and Government only take minimal tax according to certain percentage but not according to propionate of their income and also incentivize them in doing their business as it help economic progress of the country according to the development Utopia. This policy agenda largely contributes to the poverty, exploitation and unequal resource distribution among the established classes of the society. This regressive intervention made by Free Market Capitalism is hidden under the garb of beautifully constructed policies of Structural Adjustment Program that is directly responsible for the majority of World's economic violence and poverty but still it is dictated and promoted by IMF and World Bank as an alternate policy for economic development for Third World. The neoliberal agenda Aka Free Market Capitalism suits the stakes of the Multinational Companies (MNCs) which let them exploit the market of Third World Countries through trade liberalization by having these policies intact of Structural Adjustment Program that is being referred to post-imperialism.