In resource‑tight times, budget offers a promising boost for Pakistan’s future

islamabad
The All Pakistan Business Forum on Sunday said that in a time of tight fiscal space and under the watchful eye of the International Monetary Fund, the government’s Budget 2025–26 has emerged as a promising and balanced effort—marked not only by financial prudence but by strategic priorities that reflect national resilience.
APBF President Syed Maaz Mahmood, while addressing a post budget sitting organized by the All Pakistan Business Forum, observed that this budget, laid out under immense global and domestic pressure, still manages to address core economic challenges while showing appreciation for the pillars that hold Pakistan together—from entrepreneurs to armed forces.
Maaz Mahmood said that the country is witnessing a rare sense of alignment across institutions. At the heart of this unity stands Field Marshal Asim Munir, whose recent promotion is not just a ceremonial honour but a reflection of his unshaken leadership across defence and economic fronts. His strategic vision and disciplined coordination have helped Pakistan defuse military tensions with India and maintain internal stability during turbulent times. It is due to this leadership that the state has found room to act—even within tight IMF restrictions—toward building confidence in both national security and economic recovery.
The increase in defence budget is not just a line item, but a necessity in the current regional context. With the Indian posture growing increasingly hostile and hybrid threats on the rise, the government has rightly prioritised military preparedness, raising defence allocations by over 20 percent. The message is clear: Pakistan’s sovereignty and deterrence remain non-negotiable. Yet what makes this budget more meaningful is that despite these rightful defence allocations, the government has not neglected the country’s economic engines—particularly the small and medium enterprises.
APBF Chairman Ibrahim Qureshi said that the SME sector, long advocated for by the All Pakistan Business Forum (APBF) and its President Syed Maaz Mahmood, has been given room to breathe. In a climate of high interest rates and reduced lending, the government’s decision to facilitate soft financing through the State Bank’s refinancing schemes, reduce import duties on industrial inputs, and offer targeted tax relief reflects a sincere effort to honour APBF’s long-standing demands.
Ibrahim Qureshi said that it’s a rare budget that manages to respect fiscal restraint while offering growth incentives to job creators. Syed Maaz Mahmood said that the efforts of the civilian economic team also deserve acknowledgment. Under the guidance of the finance ministry and with consistent support from Prime Minister Shehbaz Sharif, the budget maintains key social protections and avoids blanket tax hikes. Instead of across-the-board austerity, the government has opted for smarter, focused incentives—especially for the export sector and SMEs. This is no doubt a result of coordinated thinking, with institutions like the SBP and commerce ministry working closely in tune with economic realities.
At the same time, Field Marshal Asim Munir’s role in stabilising internal dynamics and supporting economic reforms quietly but firmly remains a factor. The armed forces have extended cooperation not only in defence but also in national development—be it infrastructure security, agri-initiatives, or curbing smuggling. This civil-military harmony is translating into a more grounded, functional policy environment.
While the budget may not check every box for every sector, in the broader picture it sends the right signals. It assures international lenders of Pakistan’s commitment to reform while giving local businesses a reason to stay invested. More importantly, it reflects a maturing governance culture that recognises the need to support those who defend the country and those who build it.
In challenging circumstances, this is a responsible, forward-looking, and nationally aligned budget. It speaks of stability, cautious optimism, and shared responsibility—and for that, it should be welcomed.