This article has five parts. The first provides an overview of major structural weaknesses in the Pakistani economy—I call them faultlines. The following three parts describe the programme of stabilisation and structural reform introduced by the caretaker administration of Prime Minister Meraj Khalid. This government was in office for 104 days, from November 5, 1996 to February 17, 1997. On February 17, the government headed by Prime Minister Mian Nawaz Sharif took office. The fifth part provides a brief assessment of what lies in Pakistan’s future if the problems created by delayed structural reforms are not addressed adequately and on time.