'Hard times ahead'

Business Recorder op-ed writer M Ziauddin, in his "Hard times ahead" op-ed, has offered to newspaper readers an informed perspective on the challenges facing country's economy. The point raised by him that "Pakistan would need an IMF programme even if we get hefty bailout packages from friendly countries because without a Fund deal we would not be able to improve our credit rating in global markets, or engage with other multilateral lenders, and also would not be able to sell our bonds at an affordable mark-up in the international market" sufficiently clears the air with regard to confusion emanating from government's rather late decision to approach the global lending agency. But his projection that the "IMF is not expected to budge an inch from its 'one-size-fit- all' formula of conditionalities that usually accompany its programmes no matter how small in terms of amount and short in terms of period" leads to a key question: Why must we still face tough or harsh conditionalities even after we have successfully resolved our Balance of Payment crisis?