KARACHI: Though the political parties may make much of their manifestos to lure potential voters, two things are clear; one, they are far removed from ground realties, and, two, they are simply not backed by any credible actions. This is what financial analysts believe.

There seems to be absolutely no indication on what plans the political parties — the PML-N-, the PPP, the PTI or anyone else — have to achieve their extremely optimistic goals. In a nutshell: Can they walk the talk?

“Political parties should really put targets in their manifestoes that are humanly possible. This exercise will become purposeless if you cannot walk the talk,” said Nauman Waqar, an analyst at Optimus Capital Management Ltd.

Let’s take, for example, PML-N, which aims to bring tax-to-GDP ratio to 15 per cent from the current nine per cent by 2018. However, it has not stated how exactly it plans on achieving this task.

“What policy measures the PML-N will enforce to achieve this target remains a complete mystery. How will the PML-N broaden the tax base without taxing the rich agriculturist, property tycoons and stock brokers? Unfortunately, the manifesto does not contain a single word on bringing the elite into the tax net,” said Sayem Ali, an international economic policy expert.

After their Roti, Kapra Aur Makan, the PPP has decided to include Ilm, Sehat, Sab Ko Kam; Dehshat Sai Mehfooz Awam; Ooncha Ho Jamhoor Ka Naam in its new election manifesto. But, according to analysts, if the last five years are any indication, the PPP has just lost credibility in the wake of energy crisis which is at its peak, slow economic growth amid rising prices, and a host of contradictions to what they had promised earlier.

PTI was the last one to come up with a manifesto, but, analysts believe, its individual policy papers had comparatively been better and seem to have some direction. “The credibility of the PTI plan is also built around top policy experts being behind the plan. The dynamic duo of Asad Umar and Jehangir Tareen brings with them a wealth of experience and an impressive list of corporate accomplishments to lend credibility to the plan,” said Sayem Ali.

“The problem with the PTI economic policy is that while it is strong on macroeconomics, it falls woefully short in terms of 'saleability' to the masses ahead of the elections. PTI is trying to sell sound macroeconomics to a highly skeptical public, which has been disappointed again and again by their elected representatives.”

One thing is clear, however. Whichever party wins the elections, it will be faced with a balance-of-payment crisis. With depleting foreign exchange reserves and lack of external aid, it is almost certain that Pakistan will be going back to the International Monetary Fund, most likely before the end of the current fiscal.

In turn, the IMF is likely to push forward the policies that it expected Pakistan to adhere to in the previous loan agreement, mainly enforcing fiscal reforms such as introducing Value Added Tax, or a reformed General Sales Tax  and brining down its fiscal deficit.

With IMF in the picture, the question becomes even more critical: will the parties be able to even come close to achieving their unrealistic economic goals that they’ve promised or will they blame their lack of commitment on the IMF?