Pakistan’s Budget: Crafted by the elite, for the elite, Analysts assert

Karachi (TV Report) — Senior journalists and economic analysts have sharply criticized Pakistan’s recent budget, describing it as a budget crafted by the elite, for the elite.

In a discussion on Geo News program “Jirga” with host Saleem Safi, analysts pointed out that the budget overwhelmingly favors the elite while burdening ordinary citizens. “This budget has been crafted by the elite, for the elite,” one analyst remarked, emphasizing that it reinforces the notion that Pakistan is governed and will continue to be governed by the elite class.

The budget has introduced 17 new taxes on electricity bills, affecting consumers who are already struggling with power shortages and high costs. Criticism was also directed at the allocation of significant funds to power plants owned by wealthy businessmen, who receive substantial payments from the government annually in dollars.

“The hardworking middle class has been disregarded in this country,” another analyst lamented, highlighting the imposition of standard income taxes on exporters and increased financial burdens on salaried individuals and businesses.

The budget’s reliance on International Monetary Fund (IMF) guidelines was evident, with critics noting that many IMF recommendations were adopted to secure financial support. “If not adhered to, the IMF would not entertain any new income tax exemptions,” analysts added.

Addressing the finance minister’s approach, analysts suggested that developmental expenditures should have been frozen to alleviate the burden on taxpayers, particularly the salaried class. “The federal government’s policies disproportionately affect the salaried class,” they noted, urging for a broader distribution of financial obligations.

As discussions continue on the budget’s implications, analysts anticipate further measures post IMF delegation visits, underscoring ongoing challenges and debates over economic policies impacting Pakistan’s diverse populace.