Financial globalisation has been going on at a rapid pace over the past three decades. The International Monetary Fund (IMF) is designing and asking the governments of developing countries to smoothen the flow of capital. The purpose is to align the structure of the developing countries with demands of the advanced economies. The government faced enormous financial challenges in the absence of the IMF programme. In a nutshell, financial globalisation has reduced policy space of the government a great deal.

Source: The Express Tribune August 14, 2023 16:00 UTC