But, we were good at drawing down the first tranche of the loan and then abandoning the programme. It is only since the year 2000 when Pakistan entered into a stand-by arrangement with the IMF (successfully completed in 2001) followed by a threeyear PRGF programme that the country has shown serious mindedness and a commitment to fulfill its obligations.
By the end of 2004 Pakistan had drawn down 12 tranches in succession on time without any hiatus and decided to forego the remaining two tranches voluntarily after the review was completed by the IMF Board.