In an earlier report, Moody's said that the PTI government would have to walk a tightrope, as its plan to increase development and social spending as well as reduce taxes will clash with the need to further tighten monetary and fiscal policies to reduce economic vulnerabilities. One of top three credit rating agencies in the world, Moody's has warned that some tough policy decisions may have to be delayed due to implementation of the election manifesto of the PTI. Among other things, the agency described "heightened external vulnerability" as a key economic challenge for the new government. In its view, possible policy options would include monetary and fiscal policy tightening, further exchange rate depreciation and turning to the IMF for external financing.