Fiscal Survival or Economic Reform? Decoding Pakistan’s Budget Priorities
Pakistan’s annual budget is more than a fiscal document; it is a reflection of the country’s structural economic constraints, political choices, and shifting development priorities. The tension between fiscal survival and meaningful economic reform has become increasingly pronounced amid rising debt servicing obligations, limited fiscal space, and recurring dependence on external financing. In this context, budget-making often appears reactive—focused on stabilisation and compliance with short-term macroeconomic targets—rather than transformative, aimed at broad-based productivity, institutional reform, and sustainable growth.
