Budget 2025-26 from a climate lens
By any measure, Pakistan’s federal budget for FY2025-26 represents a notable evolution in the country's approach to climate change. For a country that has endured some of the most brutal…
A fairy-tale budget
Over the last three decades at least, the people of Pakistan have had little to cheer about the budget. This year, however, Budget 2025-26 has left them – including industrialists,…
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…
Farm to failure: higher taxes feeding informal sector
The federal government in the past few years has imposed hefty taxes on the documented sector, fueling the informal economy. It’s a double whammy, as not only are the higher…
Provincial budgets of 2025-26
There is generally a greater focus on the prospects for and likely features of the federal budget in the days before its presentation. This is increased by the lobbying, against…
Green Sukuk
The Ministry of Finance recently issued Pakistan’s first Green Sukuk, valued at Rs30 billion, under the Sustainable Investment Sukuk Framework, marking a turning point in Pakistan’s sustainable finance journey. Announced…
Budget: time for respite & reform
Pakistan has shown signs of overall stabilisation, supported by improved fiscal performance, strengthened external account, and receding inflation. Revenue Mobilization and restrained current spending have contributed to a narrower fiscal…
A blueprint for self-reliance
In response to recent discussions between the government of Pakistan and the International Monetary Fund (IMF), the budget for FY2025–26 is being positioned as a pivotal initiative to steer the…
Reimagining Pakistan’s financial architecture
Imagine the year 1624. The world has not yet imagined New York, let alone the Stock Exchange that would one day shape global finance. The Industrial Revolution is still more…
Breaking the tariff trap
Picture this: You walk into a Pakistani electronics store in 2027, and for the first time in decades, you don't need to choose between buying overpriced local products or smuggled…
