Pakistan, July 8 -- Economic growth is of paramount importance for the economic vitality of any country around the globe. Strong economic growth increases the tax revenue for government; the wealth of the country and its population and savings to be invested in the domestic markets and business. In this regard, growth in exports is like a prerequisite for economic growth or else countries suffer from severe current account deficits (CAD), which in turn slows down economic growth.

Since the birth of the IMF from the Bretton Wood System in 1944, the fund has functioned as a global lender of last resort for the countries facing financial instability. Helping countries fix the problem of severe CAD is a part of the objectives of IMF because ...