THOSE who have a passion for the pen and paper are usually more interested in words than numbers.
The world of words carries a magical effect.
When one develops sincerity in their relationship with words, they move beyond the surface and enter a realm of concepts and ideas.
At that point, the complex maze of numbers neither appeals much nor makes much sense.
The writer of these lines does not claim mastery over knowledge and literature, but numbers have always been somewhat alien to him.
However, the compulsion of recent years has forced people like us to become somewhat familiar with the mysterious world of finance.
As a Punjabi proverb goes: “Wah piya jaane te rah piya jaane.
” (It means: “Once you’re in the middle of something, you begin to understand it—even the things you never tried or wanted to understand.”) This is exactly what has happened with the national economy.
Even people like us now begin to understand the devastating impact of rising interest rates.
And when we hear that the inflation rate is “decreasing,” it doesn’t mean that prices have gone down; it simply means that the rate at which prices are increasing has slowed.
Prices are still rising, just at a slower pace.
This awareness itself is valuable.
And for this awareness, we must, ironically, thank those whose actions have made it difficult for us to afford even two meals a day.
Interest rates climbed from 19% to 22%.
The debt burden became mountainous.
Consumer goods soared beyond our reach.
All of this was a consequence of a mindset that disregards the public’s opinion and imposes its own will.
That very attitude gave birth to political instability, which eventually escalated into chaos—and even conflict.
When political disagreement is pushed to the level of personal vengeance, this is the inevitable outcome.
Since the success of the no-confidence motion, we have endured the consequences of this disorder.
Just before the federal budget, Finance Minister Muhammad Aurangzeb presented a review of the previous year’s economy, and many things began to make sense.
It turned out that the interest rate had not just decreased—it had been halved, dropping to 11%.
Given our nation’s aversion to interest on religious grounds, it would be ideal for this rate to drop to zero.
But given our current circumstances, even this reduction is a relief.
It means the country’s debt burden has lessened, and doing business has become somewhat easier.
The slowing rate of inflation also comes as good news.
Inflation, which was previously increasing at 29–34%, has now been reduced to around 4%.
In other words, what was once rocketing forward is now moving at a natural pace.
Those who travel abroad can especially sense this.
For instance, grinders placed on dining tables are often criticized for being short-lived.
But in Turkiye, brass-made grinders last for years—almost indestructible.
Back in 2015, when I visited Turkiye with the late President Mamnoon Hussain for the centenary of the Battle of Gallipoli, I bought such a grinder for just 5 lira.
A few years ago, its price had risen to 35 lira, and now it costs 125 lira.
The same pattern applies to many other essential items.
Despite these challenges, our situation is considerably better.
This is why people now prefer shopping within Pakistan rather than abroad.
Foreigners too are showing a similar trend.
It indicates that the destruction that began in 2014 and peaked by 2022 is finally being addressed—and those efforts are beginning to bear fruit.
We must thank God for this, but gratitude alone is not enough.
Much more needs to be done.
After entering the IMF program, there is much the government can no longer decide independently.
Implementation of the global financial institution’s recommendations has become unavoidable.
It is because of this that our tax-to-GDP ratio has reached 11%.
While this is a moment of brief relief, we cannot rest easy.
A substantial increase is still required.
The new budget has set a higher target, which is promising.
But we need to push even further.
Only with sustained growth in revenue can the average citizen begin to breathe a little easier and see signs of prosperity reflected on their faces.
It appears that both the government and the IMF have realized that further increases in tax rates are no longer possible.
The common man is already at his limit.
The only viable solution is to expand the tax base—a goal that has long been desired but not effectively achieved.
This reflects a failure of governance.
Governance itself is a complex issue—not something to be fixed at the snap of a finger.
Alternative methods are required.
Perhaps this is why the government has encouraged digital payments.
This needs to be expanded further.
The more organized the economy becomes and the more transactions occur through banks, the greater the transparency—and the wider the tax net will grow.
This is the only path through which an ordinary citizen can finally be relieved from the torment of one tax piled upon another.
The government’s progress in this area should be welcomed, and the struggle for further improvement must continue.
—This writer is former advisor to the President of Pakistan, author & mass media theorist. (farooq.adilbhuta@gmail,com)
