THE mismanagement of Pakistan as a polity by its ruling elite has landed the country in periodic crises. These crises have been as much political as economic. The resulting economic turmoil has necessitated 25 IMF programmes. While Pakistan’s elites are to blame for their recidivist, incorrigible (and extractive) nature, each interaction with the IMF has compounded the country’s structural problems rather than provide a pathway to sustainable growth and development. The latest example is the ong...