Somewhat, If the motor and pump are running backwards, the pump can often still move water, and the water will flow the normal direction through the pump but you will get up to 30% of the designed flow. (this does depend on the application)
You will also have to be careful because the impellers in some centrifugal pumps are screwed on and running them backwards can unscrew the impeller. This can cause damage to parts in the pump and sometimes even the whole pump.
Always check with your pump supplier before wiring the pump.
Global Pumps (formerly All Pumps Supplies), a major provider for industrial pumps, is an Australian based company founded in 1977 to fulfil the need for a versatile and service oriented specialist supplier, sourcing pumps and pumping systems from around the globe. Global Pumps deliver complete solutions for customers located throughout Australia, including a technical service division that performs onsite installations and servicing.