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Political stability
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Global liquidity
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Implementation credibility
Macro Cost
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Average GDP growth reduced by ~1–2 percentage points
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Industrial growth reduced by ~2.3 points
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Equity impact came indirectly via slower activity
👉 This confirms IMF programs stabilize markets, not expand them.
5️⃣ Why IMF Is Bullish for PSX — But Only Temporarily
IMF programs are bullish because they:
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Avert sovereign default
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Anchor FX expectations
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Restore banking confidence
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Improve visibility for institutions
But they cap upside because they:
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