This paper provides an econometric analysis of Pakistan's structural adjustment program. Introduced in 1980, this program has been supported by the World Bank and IMF under their policy-based lending regimes. Building on recent advances in modelling the impact of policy reform, the paper applies a smooth transitions model to Pakistani real GDP data for the period 1960-2000. Results of this analysis suggest that the adjustment program has not stimulated growth in Pakistan, and that the origins of Pakistan's post-program growth performance well pre-date this program.