In 1999, the IMF suspended its relationship with Pakistan because the government failed to implement the conditions of previous agreements. By October of that year, there was a military coup. The new regime immediately began implementation of roughly 30 IMF-ordered reforms, including the removal of public subsidies and exemptions, cutting social spending, raising fuel prices, and privatization of state-owned enterprises to attract foreign investors. The military government did all of this very quickly to “boost the confidence of investors” and to earn “credibility” with the IMF.
Sound familiar?