Imran Khan entered politics after his famous cricket career. He set up PTI (Pakistan Tehreek-e-Insaf) in 1996. He swore to change Pakistani politics. He will combat fraud and build a fairer, more open government.
By the time he became Prime Minister in 2018, Pakistan’s economy faced serious issues. It faced significant financial losses, a high public debt, and serious economic imbalances.
Khan charged on a strong anti-system, people’s message. He promised to tackle corruption. He will expand the tax net, support businesses and exports, and lift visibility.
Economic strategy under Imran Khan (2018–2022)
Stabilisation & IMF Bailout
Shortly after taking office, Khan’s government secured a major IMF bailout. This was key to his plan for economic stabilisation.
He adopted austerity measures. He cut wasteful government spending and allowed the Pakistani rupee to lose value. This aimed to fix external imbalances.
Khan said the rupee’s drop was painful but necessary after devaluation. He claimed that past governments created unsustainable external problems.
Growth Agenda
Khan and his economic team believe they can reach over 4% GDP growth. This is even with global challenges such as COVID-19 and growing goods prices.
They pushed for an industrial package to support small and medium enterprises (SMEs). They said Pakistan needs to grow its manufacturing base. Relying only on agriculture and services isn’t enough.
He also focused on export-led growth. He said that Pakistan relies too much on imports and foreign debt. This isn’t sustainable without a strong export sector.
Welfare & Anti-Corruption
Khan’s government placed anti-corruption at the centre of its agenda. His administration reported big recoveries through the National Accountability Bureau (NAB). But critics claimed the accountability was one-sided.
His state enhanced social aid programmes, such as the Ehsaas programme. This focused on serving the poor during tough times, especially during the pandemic.
Macroeconomic Risks and Criticisms
Inflation soared during his term. Reports state that inflation during his rule hit very high levels. Food prices, especially, sometimes doubled.
The rupee dropped in value. This made imports more expensive and increased debt servicing costs. Some analysts say that Khan’s economic growth was uneven and hurt macroeconomic stability.
His anti-corruption campaign was sometimes criticised as political. Some claimed that the NAB’s recoveries mainly focused on his political opponents.
Imran Khan’s economic narrative and later developments.
Imran Khan, ousted in 2022, still includes economic claims in his political story. Khan noted in a key article in The Economist that Pakistan’s democratic institutions are under threat. He said the “establishment” planned his removal. He called elections under the current caretaker government a “farce.”
The PTI (his party) firmly backed the article. They said he wrote it himself while in jail, not using AI or any other method. Critics have looked at his piece in The Economist. They say his argument focuses on political legitimacy and establishment interference. It also links to economic problems like unstable governance, weak institutions, and reliance on outside aid.
- Legacy and Economic Impact Assessment
- Strengths / Positive Impacts:
- Khan stressed long-term problems: a poor tax system, reliance on exports, and deceit.
- He called for bold reforms and chased support from groups like the IMF to secure the economy.
- His welfare plans, such as Ehsaas, supported needy groups during tough times. This was only true during the COVID-19 crisis.
- Critiques / Failures:
- High inflation under his administration eroded the purchasing power of ordinary Pakistanis.
Currency deflation, while perhaps crucial for long-run change, came with heavy short-term charges.
Economic inequalities persisted. Some believe major reforms failed to create real institutional change.
Accusations of politically selective anti-corruption efforts weakened his moral narrative.
Aftermath:
After Khan’s removal, Pakistan’s economy reportedly entered a serious crisis again. A state-level economic report shows that inflation rose, the rupee declined, and growth fell sharply.
Khan still holds strong political influence. His economic messaging is a key part of his platform. This matters because he wonders why he was removed. He is also getting ready for looming elections.
Conclusion
Imran Khan isn’t an academic economist, but he has played a key role as a policymaker. His actions have greatly changed Pakistan’s recent economic history. His economic vision has played a key part in this change. He mixed populist politics with economic goals. He strived to fight corruption, extend tax levies, and update Pakistan’s economy. Yet, his term was also marked by financial volatility, inflation, and systemic limitations.