I’ve had a running argument with my friends M. Aslam Hayat (one of the creators of the Fund) and Parvez Iftikhar (first CEO of the Fund) about whether it’s possible to have an effective, efficient universal service fund. My position has been that that such a thing can function for a few years, if well designed and with political commitments, but that it’s a matter of time before they go bad. As we used to say when we were designing Sri Lanka’s fund in 2003, when the cheese is out, the rats are inevitable. I have pointed to the successes of the Pakistan Fund in its early years in many of my talks, but I have always qualified the claims being made of its behalf.