The recent budget targets set by the government, although ambitious, were, quite frankly, unrealistic given Pakistan’s economic realities. While efforts to revive the economy and boost revenue collection are commendable, it was perhaps too optimistic to assume the state could meet figures far beyond previous recoveries. The shortfall we now see, with targets unmet, should not come as a surprise—it was nearly an inevitable consequence of such lofty ambitions.

The government’s current approach, through a mini-budget and other measures, aims to correct course and set more achievable targets. This recalibration is necessary, not just as a means of meeting fiscal responsibilities, but to align ambition with the realities on the ground, recognising what is achievable within Pakistan’s current economic context.

The challenge now, however, lies in balancing domestic pressures with IMF expectations. The IMF’s directives, while guiding, must not be adopted without consideration of Pakistan’s specific socioeconomic landscape. We cannot simply act as the IMF’s stenographer, rubber-stamping every recommendation without question. Policymakers must remember that the economic well-being of citizens is paramount, especially as the general public is already facing financial strain. An overzealous adherence to IMF conditions could deepen public hardship, potentially eroding social stability and economic productivity.

Negotiation, then, is key. While meeting IMF requirements is essential, pushing back on terms that do not suit our ground realities is just as important. A workable solution must be reached—one that satisfies IMF benchmarks yet is sensitive to Pakistan’s unique challenges. We hope this balanced approach to economic management continues, ensuring a path to sustainable growth that empowers citizens, rather than burdens them.