Farrukh Saleem

Rs6.6 trillion lost. Where did it go?

  Pakistan’s state-owned enterprises (SOEs) are public liabilities – not public assets. Total SOE debt now stands at Rs9.5 trillion. Accumulated losses have climbed to…

Pakistan’s dollar engine

  Pakistan recorded its highest-ever monthly IT exports of $437 million in December 2025, up 26 percent year-on-year. Ten years ago, Pakistan’s annual IT exports…

Budget: A Rs3.5 trillion opportunity

  NOT a perfect budget, but the budget creates an opportunity — if Pakistan can convert allocation into execution. The budget has money. Policy needed.…

Reko Diq will generate $74b a year

PAKISTAN is finally turning geology into geography – and geography into cash flow. Multi-billion-dollar financing — which once sounded like a story — has become…

Where did Rs105 trillion go?

  Pakistan does not have a revenue problem. Pakistan has a spending problem. Over the past four years, the government collected Rs34 trillion as ‘Tax…

Pakistan’s Swiss moment

PAKISTAN is not a party in Middle Eastern conflicts. Pakistan is the platform on which parties meet. Pakistan is not a camp – Pakistan is…

Federation — a borrowing machine?

PAKISTAN is a federation – not a loose confederation. Pakistan is a federation – not four fiscal islands connected by one federal treasury. History tells…

Petroleum levy to pay IPPs?

IN FY2022–23, Pakistan collected Rs580 billion from its citizens through the petroleum levy. It then handed Rs487 billion as capacity payments to the IPPs—for power…

$538,535 a day, $200m a year and $2b already paid

In 2014, Pakistan entered into a 15-year agreement with Engro Elengy Terminal Limited for the deployment of the Floating Storage and Regasification Unit (FSRU) Exquisite…

Trump–Pentagon’s best friend

  Trump is a disrupter. Trump is an outsider who stormed Washington. Trump rattled the bureaucracy. Trump unsettled the Pentagon. Trump challenged the generals. Trump…

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