Beset with formidable challenges.

Leading international development economists and social scientists have long maintained that the rarest of rare useful ideas has a life span of no more than 40-50 years.

Perhaps presently, this is best demonstrated by a faltering global financialisation designed to counter the first bout of international stagflation in the early 1970s.

However, conventional wisdom seems to be fast losing its relevance while facing yet another stagflation. And the International Monetary Fund's (IMF) set of standard reforms and their timelines, in the opinion of many, need to be seriously reviewed.

Keeping in view the ongoing challenges and uncertain environment, the IMF has temporarily increased the limits of its members' annual and cumulative access to the Fund's resources in the General Resources Account (GRA), according to an announcement made on March 6. Thus the Fund would provide member countries - particularly emerging markets and developing economies facing increased financial pressures and vulnerabilities - access to higher financial support from GRA.

The Fund must show some elasticity to prevent the country's economic crisis from getting out of hand

Islamabad also needs to rethink its policies. No serious effort has been made to shake off the economy's crutches and stand on its own feet. The federal government's external debt has shot up by 38 per cent and domestic loans by 25pc in the past 12 months. The interest payments as a ratio of revenue, the worst in the region after Sri Lanka, at 42pc, will jump up to 54pc by the end of June.

Instead of putting their own house in order, policymakers have tried to secure a more accommodative IMF programme to make them less painful and more palatable for the domestic constituency.

On the other hand, the IMF's increasing micromanaging of the economy and its fallout are seen to be too severe by government, industry representatives and citizens alike. For example, while Pakistan is faced with the risk of default, the international lender has been reported to have ruled out foreign debt restructuring.

According to IMF resident representative in Islamabad Esther Perez Ruiz, Pakistan has also to give an assurance that its balance of payments deficit is fully financed for the remaining period of the IMF programme. There are doubts that indicated funding may not come from friendly countries, reportedly suffering from debt fatigue and owing to the country's worsening crisis.

China seems to be helping Pakistan avoid a...