Pakistani netizens on Friday said Shehbaz Sharif-led government shouldn't be celebrating for securing a badly-needed $3 billion short-term financial package from the International Monetary Fund (IMF) on Friday.
The new nine-month standby arrangement came hours before a current IMF agreement expires, offering relief to Pakistan, which is battling an acute balance of payments crisis.
Prime Minister Shehbaz Sharif said it would put Pakistan "on the path of sustainable economic growth".
"Under the new programme, the priority areas will be hike in electricity prices by Rs 8.25 per unit. And the coming inflationary storm has been called success by our government," said a Twitter user.
Many called Shehbaz Sharif a 'bhikhari' (beggar) for securing the deal, which might not be enough to tackle its many economic troubles.
The $3 billion IMF funding is higher than expected as it looks set to replace the remaining $2.5 billion from a $6.5 billion longer-term Extended Fund Facility agreed in 2019.
The deal will also unlock other bilateral and multilateral financing. Long-time allies Saudi Arabia, the UAE and China have already pledged or rolled over billions of loans.
"This will support near-term policy efforts and replenish gross reserves," the IMF said.
"You were given a nation with $16B in reserves and, like Houdini high on crack, you made all that disappear in less than 6 months. You should brag about that," quipped a Twitter user.
Reforms in the energy sector, which has accumulated nearly Rs 3.6 trillion Pakistani ($12.58 billion) in debt, has been a cornerstone of the IMF talks.
The IMF said it would want steadfast policy implementation by Pakistan to overcome challenges, "particularly in the energy sector", where it expects a rise in electricity prices.
The IMF said the central bank should remain pro-active to reduce inflation and maintain a foreign exchange framework.
The painful adjustments have already fuelled all time high inflation of 38% year-on-year in May.