Thanks for the replies. So from this I take it that the problem our economy has found itself is that the government is not letting the central bank increase the interest to rate to keep the inflation in check.

Basically, the people are at the losing end in both cases. If the government does not interfere and keep the interest rates low, foreign investment will get discouraged thus fueling unemployment. On the other hand, if the SBP is not given autonomy, then the inflation will keep rising.

Correct me If I wrong please.

So where is IMF in all this? I understand from the articles you posted that IMF has conditions on the fiscal policies which include job cuts, salary cuts etc. But how would privatizing SBP harm or benefit IMF deals with Pakistan?

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"The unbelievers plotted and God planned, but God is a much better planner" [Surah Al-Imran 3:54]