Muhammad Asif Asi
\nIslamabad
\nWhen the finance minister placed the hefty budget file for 2025-26 on the assembly desk, his face reflected confidence, and smiles spread across the treasury benches. Yet, behind those numbers, flowcharts, and fiscal jargon, the realities of Pakistan\u2019s struggling middle class remained buried deep under piles of promises.
\nThe annual budget is meant to be a mirror\u2014reflecting a government\u2019s priorities, its economic vision, and its sincerity toward the people. This year, that mirror seems foggy, showing only partial truths, calculated optimism, and uncomfortable silence where it matters most.
\nLofty Claims, Stark Realities
\nThe government has set the total budget outlay at an ambitious Rs. 18.9 trillion, with a tax revenue target of Rs. 12.97 trillion. On paper, it all sounds like progress\u2014fiscal discipline, digital reforms, macroeconomic stability. But when viewed through the lens of street-level inflation, joblessness, and the average citizen\u2019s purchasing power, the budget feels more like a PR campaign than a solution roadmap.
\nFBR Reforms \u2013 Cosmetic or Core?
\nYes, the introduction of digital invoicing, faceless audits, AI-based scrutiny, and POS integration looks modern and reformist. But will system upgrades fix a mindset riddled with corruption, inefficiency, and political manipulation?
\nThe target to raise the tax-to-GDP ratio to 14% seems logical. Yet, historical performance and institutional inertia suggest this may be another well-worded ambition, doomed to drown under the weight of poor execution.
\nRelief for the People? Maybe Next Year
\nOne flips through 100+ pages of budget figures but finds little comfort for:
\nSalaried individuals facing pay stagnation amid skyrocketing living costs
\nSmall businesses gasping for liquidity
\nFarmers drowning in rising input prices
\nUrban households crushed by inflated energy bills
\nThe government did raise allocations for BISP and social protection, but it barely scratches the surface of public misery. For a nation battling double-digit inflation, this was the moment for bold relief. Instead, it offered cold calculations.
\nEnergy Sector: Reforms Announced, Crisis Continues
\nThe budget talks about renegotiating IPP agreements, reducing circular debt, and expanding energy infrastructure. But tell that to a citizen receiving electricity bills higher than their income. What good are macro-level reforms when the micro-level remains unlivable?
\nPower theft, transmission losses, and outdated infrastructure continue to drain public money. Without strict accountability and transparency, these reforms may stay stuck in presentation slides.
\nPrivatization: Cure or Capitulation?
\nThe revival of privatization plans\u2014PIA, Steel Mills, GENCOs, DISCOs\u2014is either a sign of economic realism or bureaucratic surrender. What\u2019s missing is a social safety net for those who will lose jobs, and a roadmap for how these sell-offs will be managed without turning into another story of elite capture.
\nDo we fix state institutions, or just offload them like unwanted liabilities?
\nThe Stepchildren of the Budget: Education, Health, Agriculture
\nThe allocation for education is disappointingly low\u2014again. Public schools remain underfunded, teachers demotivated, and students underserved.
\nHealthcare? Hospitals are overcrowded, under-equipped, and ignored.
\nAgriculture? Despite feeding the nation, our farmers get the least fiscal attention.
\nThis budget seems tailor-made for megaprojects, metros, and highways\u2014not for classrooms, dispensaries, or wheat fields.
\nA Few Positives Worth Noting
\nLet\u2019s be fair. There are some good ideas buried beneath the numbers:
\nThe focus on digitizing the tax system is overdue and welcome.
\nAnti-fraud systems in refunds and customs show seriousness.
\nBISP expansion could uplift vulnerable households\u2014if managed transparently.
\nThe drive to improve debt management and avoid reckless borrowing is a strategic necessity.
\nIf executed with sincerity, these initiatives can sow the seeds of long-term stability.
\nThe Unanswered Questions
\nWhere is the immediate relief for the struggling poor?
\nHow does this budget address the informal sector and real job creation?
\nCan we afford this level of borrowing without losing economic sovereignty?
\nWill this budget help build trust between citizens and the state?
\nFinal Thoughts
\nA budget is not just an economic document\u2014it is a moral one. It tells a story: of who we are, what we value, and where we intend to go.
\nThis budget tells two tales:
\nOne for the investors, donors, and lenders\u2014full of graphs and good intentions.
\nAnd another for the people\u2014full of silence, stress, and status quo.
\nIf this budget is to be remembered as a turning point, it must walk beyond presentations and PowerPoints. It must meet the people in their neighborhoods, homes, and wallets.
\nOtherwise, it\u2019s just another financial fiction in the library of broken promises.<\/p>\n","protected":false},"excerpt":{"rendered":"
Muhammad Asif Asi Islamabad When the finance minister placed the hefty budget file for 2025-26 on the assembly desk, his face reflected confidence, and smiles spread across the treasury benches. Yet, behind those numbers, flowcharts, and fiscal jargon, the realities of Pakistan\u2019s struggling middle class remained buried deep under piles of promises. The annual budget […]<\/p>\n","protected":false},"author":2,"featured_media":483182,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":{"0":"post-487863","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-national"},"yoast_head":"\n