International Monetary Funding agency acts as lender of the last resort for all the countries. Pakistan availed so many times the IMF loans since 1958’s but still the status of the country is not improved to be amongst the developed countries. The study is undertaken to discuss about the effect of IMF loan upon the economic development of Pakistan. The objective of the study is to analyze the effect of IMF loans upon improving socio-economic dynamics of the residents of Pakistan. However, the study seeks to answer the question of whether IMF interest-based financing serves to develop Pakistan’s economy or undermines economic development in Pakistan. The qualitative research methodology is applied subjectively in order to build conceptual framework by applying inductive paradigm. It is expected that IMF loans for Pakistan has undermined the economic development in Pakistan and has widened the miseries of economically disadvantaged people of Pakistan in terms of compromising their rights to health, food and quality of life because it is based upon interest which goes against Islamic Shariah as well as against Islamic identity of the country. Moreover, Pakistan pays certain cost towards availing IMF debt financing upon interest.
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