Why does Pakistan keep returning to the IMF despite more than two dozen bailout programmes? In this conversation, veteran economic journalist Khurram Husain explains the structural causes behind Pakistan's recurring economic crises. The discussion covers Pakistan's fiscal deficit, debt trap, the Musharraf-era economic model, Dr. Ishrat Husain's reforms, CPEC, Independent Power Producers (IPPs), circular debt, taxation, productivity, exports, national security, and the institutional reforms needed to break the cycle of IMF dependence. If you want to understand the real history of Pakistan's economy, and why growth repeatedly turns into crisis, this conversation provides one of the clearest explanations you'll hear.