Developing countries are increasingly concerned about gender dimensions of the impacts of economic reforms initiated under structural adjustment and stabilization programmes. This article develops a gendered Computable General Equilibrium model based on the notions of production in paid economy and unpaid care economy pioneered by Fontana and Wood and applies it to Pakistan. The study assesses the impact of two types of shocks: trade liberalisation and fiscal adjustment. Results support the contention that trade liberalisation in the presence of compensatory measure over burden women but reduces income-based poverty by all measures. In all other exercises employment in market sectors reduces. The study concludes that despite changes in structure of market employment, gender division of labour remains unequal within household economy.