Pakistan’s high-stakes budget

Description

This article examines Pakistan’s FY2025–26 federal budget as a critical test of whether recent macroeconomic stabilisation can be converted into sustainable reform. It highlights priorities including broadening the tax base, reforming agricultural taxation, improving energy pricing and debt management, protecting vulnerable households and supporting productive investment. The article argues that credible implementation is essential to restore investor confidence, meet international commitments and move Pakistan beyond recurring fiscal and balance-of-payments crises.