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A fiscal system in denial

As of May 2025, Pakistan’s tax collection crisis has deepened. The Federal Board of Revenue (FBR) has fallen short of its revised annual target by Rs1.03 trillion – a staggering…

Economic realities and export

While macroeconomic indicators have achieved feeble stability over the past year, on-the-ground conditions remain as hopeless as they were a year ago. There’s abundant rhetoric about increasing exports, but it’s…

Bitcoin VI

Why is the fiat currency-led, debt-driven global financial system teetering on the edge of collapse (fiat currency is government-issued ‘money’ that has no intrinsic value and is not backed by…

Debt-free Pakistan

Our gross external debt and liabilities have soared from $44 billion in 2008 to a staggering $132 billion. Every year, a back-breaking Rs10 trillion is consumed by debt servicing alone.…

AI’s checkmate

Nine years ago, between March 9 and 15, 2016, the world witnessed a historic match between accomplished Go player Lee Sedol and AlphaGo, an AI model developed by DeepMind. In…

Till debt do us part

In Hamlet, Shakespeare’s character Polonius offers timeless advice to his son, Laertes, "Neither a borrower nor a lender be”, warning of the perils of debt and dependency. For Pakistan, this…

Reshaping the labour market

The government of Pakistan recently inaugurated the National Economic Plan (2024-29) under the name of ‘Uraan Pakistan’. The plan, among other things, envisages tackling unemployment and underemployment and creating one…

The education cul-de-sac

Despite decades of reforms, Pakistan’s education system remains in a state of perma-crisis. In an era of rapid technological transformation, the nation continues to grapple with children not attending school,…