Beijing Consensus

Beijing Consensus January 10, 2021 The Washington Consensus comprises the United States Department of the Treasury, the World Bank and the IMF. The Washington Consensus is a set of ‘economic policy prescriptions’ or a so-called ‘development plan’ for ‘developing countries’. The Washington Consensus revolves around market-led capitalism, trickle-down effect, privatisation, debt-laden stabilisation programs, debt-laden structural reforms and poverty reduction. For the record, a number of developing countries – including Pakistan – have long been under the umbrella of the Washington Consensus. The US Department of the Treasury “obligated nearly $67 billion (in constant 2011 dollars) to Pakistan between 1951 and 2011” in the form of Economic Assistance (EA), Military Assistance (MA) and funding through USAID.