Pakistan's immediate balance of payment crisis is over

[VCheng]

Can you elobrate what rules..

Briefly, the Executive Board of the IMF is required to follow ten basic principles outlined in the Washington Consensus ( https://en.wikipedia.org/wiki/Washington_Consensus ). Any loan program offered has conditionalities decided according to a set of guidelines issued to the staff and updated regularly: https://www.imf.org/External/np/pdr/cond/2002/eng/guid/092302.pdf

The borrower will submit a formal Letter of Intent offering ex-ante steps (for example: https://www.imf.org/external/np/loi/2016/pak/031016.pdf ) that it agrees to take to meet those conditionalities. The IMF can, and does often, impose, its own set of ex-post conditionalities in addition.

Once that agreement is signed, there is a ongoing process of Monitoring of Fund Arrangements called MONA, whose database is here: https://www.imf.org/external/np/pdr/mona/Country.aspx that reports back to the Board, who then decides at each verifiable step whether to allow the program to continue as is, or with waivers, or to stop it.

The borrower does not have much of a choice in this matter. The defined due process must be followed.