CORPORATE WINDOW: No relief measures expected

As is tradition, the day of the budget announcement remains a non-event for many consumers, who know that the finance minister’s speech in the National Assembly will bring little in the way of relief, focusing instead on praising the government’s past measures and setting new budgetary and revenue targets under pressure from the International Monetary Fund (IMF). However, this year’s budget carries greater significance, as consumers are already struggling to make ends meet amid heightened geopolitical tensions in the Middle East. Higher freight and insurance charges imposed by shipping lines following the US–Israel and Iran conflict have pushed up the cost of production. Some manufacturers have tried to absorb this cost pressure, while others have simply passed the burden on to consumers. This has been partly cushioned by relative stability in the rupee–dollar parity; otherwise, the situation would have been far more alarming. Prospects for strong industrial growth remain constrained under the current IMF programme, as fiscal consolidation and revenue generation continue to be key priorities Consumers are curtailing petrol and diesel purchases due to unaffordable prices. Monthly petrol and diesel sales are not showing any growth despite rising bike and four-wheeler sales. During 11MFY26, petrol and diesel sales stood at seven million tonnes and 6.35m tonnes, showing a marginal year-on-year (YoY) rise of two per cent and 1pc, respectively. Cost pressures set to persist Senior Vice President, Federation of Pakistan Chamber of Commerce and Industry (FPCCI), Saquib Fayyaz Magoon, said that Prime Minister Shehbaz Sharif, during a recent meeting with the business community, indicated that the upcoming budget is expected to focus on export-led growth. However, ‘significant relief on essential commodities appears unlikely’. The government is targeting a revenue collection of around Rs15.2 trillion for FY27, suggesting the introduction of additional taxation measures to meet