AWAY from the noise and bluster that dominated the news in the last few weeks of 2025, not enough attention was paid to a statement. Last month, at a business event in Islamabad, Lt-Gen Sarfraz Ahmed, national coordinator, SIFC, said Pakistan had no growth plan; adding that Pakistan had made a mess of its fiscal situation. He said the government could only think of raising taxes and indicated that the business community was an easy prey because they were already in the net. He said that the high taxes discouraged investment, internally and externally. Speaking of the need to reduce taxes, he was reported as saying the ‘business-as-usual approach’ would not work. More was said in a similar vein, attracting greater attention than speeches at similar business-related events. It was seen by many as an acknowledgment that the economy was not doing all that well and that neither was it sustainable. Keeping in mind the eternal civil-military dance in this country, the question whispered frequently was whether this was a criticism of the government itself. After all, the civilians in the government, including the prime minister, cannot stop claiming their success in stabilising and improving the economy. Nearly a fortnight after the event, the prime minister, according to a news report, said the economy was out of the woods and the mega indicators were wonderful. But if the chatter in Islamabad is to be believed, the concerns about the economy are real. Perhaps about as real as the talk about the 28th Amendment and the rejigging of the NFC . And this is lent more credence by Bilawal Bhutto-Zardari’s speech at his mother’s death anniversary where he offered to share the federal government’s financial burden in a speech to the crowd gathered there. One can go so far as to say that he was perhaps trying to pass on a message to the government and others. Most are agreed that those in power are under pressure to deliver economic relief for ordinary citizens — in terms of lower taxes and power bills and more employment opportunities. This is necessary because in the absence of a free and fair election, there is no other means to acquire legitimacy. In fact, even the offer by PM Shehbaz Sharif for talks with the opposition (after his cabinet ministers had taken a hard stance against the PTI) is being interpreted within the larger context of the economy. Those in power feel the need to offer talks to the opposition because the former realise they have not been able to achieve much on the economic front. Even some in the opposition view it as such, although they don’t have great expectations. If the chatter in Islamabad is to be believed, the concerns about the economy are real. The timing of all these statements including the offer of talks is also important. For the recent constitutional amendments have now ensured a concentration of power in a few hands and any challenge from the judiciary, media and opposition has been successfully overcome by force and by hurried legislation. All of this was done with little regard for the people or their well-being. As a result, now there is no reason left to not deliver: economic relief for ordinary people has become essential for the well-being of the ruling set-up. This is lent further credence by ‘reports’ of meetings where the ‘two sides’ of the government got together to discuss the economy and how to improve it. In fact, the SIFC official was reported as saying there was consensus in the government that taxes had to be reduced. One presumes a consensus was created in some meetings away from the limelight. But few (outside the government) bel­ieve this can happen. Those who are well versed in economic affairs point out how the governm­e­­nt has not carried out any reform so far. This is where some of those with experience of the ga­­m­es played in Islamabad feel the government mig­ht be sent home, a scapegoat for the stagnant eco­­­nomy. According to them, it is seen as not bri­nging any popular support to the set-up and if it cannot help improve the economy, why let it stay in power? At least by sending it home, some bro­wnie points can be earned by removing unpopular faces. However, this is an extreme step. If a democratic façade is to be maintained there are few individuals and politicians as accommodating and generous as Shehbaz Sharif. Even his worst critics cannot deny this; not even those who sit on television and complain about the inefficacy of the government and parliament. Another option is for some changes in the cabinet, rather than the entire set-up. Obviously, this will mean the focus will be on key ministries that are linked with the economy. It is noteworthy that the murmurings about a key figure in the economic team are growing. The stories about his aloofness from others in the government are not new but the noise is increasing. Take for instance a recent, relatively unknown podcast in which a ‘journalist’ seen as close to the powers that be spent quite a few minutes holding forth on the economy, raising some of the same points mentioned earlier in the piece. And then he also singled out a cabinet member, raising questions about his performance and his conduct during work hours. The comments did not pass unnoticed. And now questions are being asked whether these comments were passed in the heat of the moment or because he is aware of a fall from grace. The interviewee is far too careful to make a mistake. It is hard to predict with certainty at the moment but the economy is eventually going to claim some of those in power. It’s simply a matter of time. The writer is a journalist. Published in Dawn, December 30th, 2025