Pakistan, July 14 -- The IMF's resident representative recently called Pakistan's reform progress "strong so far." It's the kind of endorsement Islamabad welcomes, especially after last year's default scare. On the surface, there's reason to nod. The rupee has held around 278. Reserves are above $10 billion. Inflation is down to 12.6%. The government posted a primary surplus of 2% of GDP, and the current account has been in surplus for months.

However, for most people, the relief hasn't arrived. Not yet.

Electricity tariffs have gone up about 30% over the last year. Gas charges have risen by 50% for protected households and more for industrial users. These hikes didn't come out of nowhere. The government would be better off admitting th...