- Green sukuk, e-commerce, rural credit, climate resilience and social equity dominate budget preferences
Interview with Ms. Natasha Haseeb — Anchor PTV News
PAGE: Tell me something about yourself, please:
Natasha Haseeb: I am currently serving as an Anchor at Pakistan Television News (PTV), where I host the flagship business program “Economy in Focus.” This show delves into the multifaceted dimensions of the national and global economy, encompassing sectors such as business, investment, financial markets, and macroeconomic trends. With a commitment to journalistic integrity and intellectual depth, I strive to elevate the program through incisive content, distinguished panelists, and verifiable, high-caliber information.
The show’s evolution into a dynamic and informative platform is a testament to the rigorous research, compelling discourse, and authentic storytelling we bring to our audience.
In essence, I am a curious mind and a passionate communicator who thrives on meaningful engagement and informed dialogue. Whether on-screen or behind the scenes, I remain committed to fostering a more economically aware society through credible journalism and thoughtful inquiry. My journey continues to be shaped by knowledge, research, and the pursuit of stories that matter.
PAGE: What impact could the Federal Budget 2025-26 have on the economy of Pakistan?
Natasha Haseeb: Economic impact of the Federal Budget 2025–26 are:
The budget seeks to consolidate Pakistan’s macroeconomic stability through a more disciplined fiscal stance — cutting the deficit from 5.9 % to 3.9 % of GDP, while targeting a 4.2 % growth rate. By lowering interest payments, trimming subsidies, and curbing non-development expenditures, it intends to free resources for priority sectors. Though defence spending is rising (20 %), the overall contraction of current outlays should ease inflationary pressures.
However, the success of these measures hinges on credible implementation. Structural reforms — such as agricultural income taxation and digital audit systems — signal a departure from ad-hoc policymaking and may enhance revenue transparency. Sustained policy discipline could restore investor confidence and strengthen external buffers, per IMF endorsements.
PAGE: Which sectors of the economy have been given preferences in the Budget?
Natasha Haseeb: The budget clearly prioritizes several key sectors:
Agriculture and rural development: For the first time, agriculture is fully taxed and will benefit from increased subsidies, credit facilities, and seed-support programmes — a move to integrate the farming class into the tax base while supporting output.
Energy and climate resilience: With circular debt addressed via power-tariff adjustments and a rollout of green tax instruments — including carbon levies and green sukuk financing — sustainable energy is a focal pillar.
Digitalisation & e-commerce: Expansion of digital tax collection mechanisms, higher withholding rates on COD transactions, and e-commerce integration into the FBR framework stress this high-growth sector.
Social safety nets & human capital: A 21 % increase to the Benazir Income Support Programme, enhanced health, and education allocations underscore the emphasis on socio-economic equity.
Industries tied to climate, rural uplift, and digital trade clearly received preference, calibrated to unlock both short- and medium-term growth.
PAGE: What is your standpoint about the taxation measures taken in the Budget?
Natasha Haseeb: The taxation framework reflects a cautious yet transformative shift. On one hand, the reduction of tariff complexity, anti-smuggling enforcement, and digitalisation signal sound moves to broaden the tax base and modernise compliance. The introduction of agricultural and retail taxes is overdue and may correct distortions in the tax ecosystem. On the other hand, ambitious revenue targets (19% FBR growth) may prove unrealistic without sweeping reforms. Agriculture, real estate, and retail sectors are typically under-taxed and politically sensitive, risking evasion and under-collection. Moreover, increased indirect levies on consumer goods, while enhancing income, could erode purchasing power, especially among lower-income segments — potentially offsetting growth gains and undermining distributive efficiency.
In sum, while the taxation trajectory is directionally sound, it remains need structural reforms. Absent robust enforcement, the risk of falling short remains high.
PAGE: How do you see the investment scenario in the wake of the Budget?
Natasha Haseeb: From an investment standpoint, the budget carries both promise and caveats:
Positive signals: Fiscal consolidation, energy sector reforms, and enhanced tax transparency align with investor preferences. The IMF-backed agenda and fiscal restraint afford macroeconomic predictability, a key prerequisite for both FDI and domestic capital.
Targeted capital allocation: Infrastructure, rural development, and green finance create long-term investment opportunities. New agricultural and digital sectors emerging from reform present fresh avenues for venture and institutional capital.
The central premise is whether this budget truly marks a departure from precedent. If medium-term frameworks are honored, and tax/digital reforms firmly rooted, we may see meaningful private sector revival. But if momentum fades, the protective rhetoric risks being undone by renewed volatility — reverting to the inefficiencies of prior budgets.
In conclusion, the Budget 2025–26 is structurally more ambitious and reform-oriented than its predecessors, aiming to balance fiscal responsibility with targeted growth initiatives. However, its ultimate efficacy rests squarely on disciplined implementation, political will, and the establishment of credibility across tax, subsidy, and spending domains.