Targets Unmet.

A recent report issued by the IMF after the 7th and 8th review of the Extended Fund Facility's (EFF) revival put Pakistan's credibility into question. Our failure to meet 16 of the 18 conditions put forth for the $1.1 billion tranche has resulted in a new agreement with additional provisions to reiterate the need for fiscal discipline. Tough times lie ahead and it seems as though it will be the people who will bear the brunt of the previous government's lapse of judgement when imposing relief packages.

According to the report issued by the international lender, the former PTI-led government's policy reversals and subsidies reversed the commitments made previously. We were unable to meet our foreign reserves targets, reduce our budget deficit, carry out developmental schemes for the health and education sector nor were we able to restrict the losses incurred by the power sector. This lack of discipline and dedication to a more secure economic future has damaged our credibility in the eyes of the IMF, as well as similar lenders. We are a high risk country for loans and investments and if anything, this inability to meet prerequisites has just proven this.

Our economic future revolves around a new $3.5 billion deal which will...