IMF criticized for neglecting impact on poverty

Lord Keynes, a prominent economist, once famously remarked that 'In the long run, we're all dead.' This statement reflects the reality that economic theories often overlook the immediate struggles faced by the poor. Mainstream economics, which primarily focuses on maximizing profits for investors, tends to sideline the harsh realities of poverty.

During economic downturns, the burden falls disproportionately on the poor, highlighting the need for a more inclusive approach to economic development. Development Economics, a field dedicated to addressing poverty in developing nations, has faced criticism for not adequately considering the challenges faced by the impoverished.

In countries like Pakistan, policies dictated by institutions such as the IMF sometimes fail to take into account the impact on poverty and human development. The voices of the poor, who form a significant portion of the population, often go unheard in economic decision-making processes.

IMF programs, designed to stabilize economies, frequently result in austerity measures that further burden the poor. The emphasis on meeting numerical targets and implementing superficial reforms often disregards the real-life consequences for ordinary individuals.

Over time, this cycle perpetuates, with the wealthy reaping the benefits of economic changes while the poor continue to struggle to meet their basic needs. The middle class pins its hopes on GDP growth for upward mobility, while the poor grapple with daily challenges just to make ends meet.

It is crucial for policymakers and economists to consider the impact of their decisions on poverty alleviation. By adopting more inclusive and socially conscious economic policies, we can work towards a future where economic growth benefits all members of society, not just a privileged few.