Expenditure, Not Taxes: The Core Misdiagnosis
Public discourse often frames the issue as:
“Pakistan doesn’t tax enough.”
Markets frame it differently:
“Pakistan spends without discipline and borrows to sustain it.”
Debt servicing now crowds out:
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Development
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Productivity investment
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Employment generation
Without:
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Pension reform
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SOE restructuring
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Expenditure rationalization
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Debt-to-GDP discipline
No tax reform will stabilize the system.
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