A new International Monetary Fund (IMF) assessment identifies entrenched corruption and elite-driven 'state capture' as the root causes of Pakistan’s ongoing economic crisis. The report highlights how political and business elites manipulate state policies to serve their interests, undermining governance, accountability, and the rule of law. It warns that without dismantling elite privileges, Pakistan’s economic stagnation will persist. The IMF estimates that comprehensive governance reforms could boost Pakistan’s GDP by up to 6.5%, compared to its 2024 level of $340 billion. The report also criticizes weak institutions, judicial inefficiency, and misuse of the National Accountability Bureau for political purposes. Experts from Oxford University and local think tanks agree that corruption and poor governance are deeply intertwined, requiring political will and structural reforms. They call for unified economic planning, procurement modernization, and transparency to rebuild public trust and stabilize the economy.