Central Bank Independence: Reformation or Deformation

For more than six decades, the Indus Water Treaty (IWT), signed in 1960 between Pakistan and India, remained as one of the most enduring transboundary water-sharing agreements in the world. Despite multiple wars, political crises, and prolonged periods of bilateral hostility, the treaty largely continued to govern the allocation and management of the waters of the Indus Basin

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.

Recent global developments—including geopolitical tensions, energy crises, and shifting power dynamics—have intensified discussions around nuclear capability. After the Russia-Ukraine conflict and the US-Israel-Iran war, nations are increasingly evaluating nuclear technology not only as a strategic defense mechanism but also as a reliable and large-scale energy source. These developments have brought nuclear capability back to the forefront of international debate.
The dual-use nature of nuclear capability—serving both military and civilian purposes—makes it a critical area of analysis. The ongoing war on Iran has introduced significant uncertainty into the future of Iran’s nuclear trajectory, particularly regarding