A. Background: (1) (a) TLQC 3578 of 29.6.26 about Surprising 15.2+ Trillion Loans past payments NA discussion; though 2026-27 Revenue will be 20.6 Trillion (b) EIQC 174 of 20.2.23 about Loan by Pakistan to Germany and Now Pakistan External Debts in trail, blue, italic and double Line (2) For List of earlier relevant TLQCs, please refer to para D.

B. Updated Commentary

Further to KQU 4130 of 10.10.26, being an important matter, we inform you about video How Norway manages its $2.25 trillion fund (Attachment 473.1).

2. A sovereign wealth fund is a state-owned investment fund. Norway uses it like a national savings account: it invests resource income around the world instead of consuming all of it while oil and gas revenues are available.

3. Diversification reduces risk. By holding small stakes in thousands of companies, Norway avoids relying too heavily on the performance of one business, industry, or country. This resembles an individual spreading savings across many investments rather than betting everything on a single stock.

4. The spending limit matters because it separates temporary resource wealth from permanent public spending. Using only a modest portion of investment returns helps prevent the government from exhausting the fund or becoming overly dependent on volatile oil prices.

C. Pakistan Borrowing Status and Way forward

There were good days, when Pakistan gave loans to other countries, like Germany (EIQC 174 of 20.2.23 in trail refers)

Post 1970s, Pakistan external borrowing grew up very fast. In the third quarter of 2022, Pakistan’s borrowings were 127 billion USD Pakistan Total External Debt (Attachment 473.2) i.e. Rs 35,179 billion (latest will be more than this) current official exchange rate of USD 1 = Rs 277. While our Tax Revenues are about Rs 14 Trillion for FY 2026-27; meaning thereby we will need our 2.5 years to pay these debts if 

(a) we do not spend anything and even do not give funds to Provinces as per the NFC award 

(b) there is no more borrowings 

(c) we assume no more Interest on borrowings 

(d) the Rupee VS USD conversion rate remains unchanged, etc.

D. KC Views

1. As per approved Budget for 2026-27 (Attachment 473.4), total Tax Revenue in Rs 15,264 Billion while Non-Tax Revenue is Rs 5,336 Billion aggregating Rs 20,600 Billion.

2. Hence, Domestic loans as per para 1 VS Total amount as per para 2 works out to 74%, which is surprising. 

3. In addition to the matters in para 1, Domestic & Foreign Loan and/or Interest payments are projected as per the 2026-27 Budget (refer to our earlier TLQC), which, in addition to the amount in para 1, which is also surprising.  

Persistent Tax Increases, High Corruption, Policy delays Leading to adverse Economy (TLQC 3546 of 4.6.26 and other in para E refers). Hence, Pakistan should learn from Norway & come back to its old good days. Moreover, elect Honest Leaders (see para E & F).

E. Honest Leaders

1. General

we would inform you about Samaa TV Video of Learned & Bold Engineer by professional however all Rounder (backed by Experts, Honest & Proven team) showing  Details of Salaried class & other oppressed taxpayers’ money being misused on unnecessary Govt expenses (Attachment 473.1) in the ensuing paragraph, with emphasis ours in bold & Underline for quick reading.

2. Kifayat Shari Campaign: The government is promoting a Kifayat Shari (austerity) campaign amid rising petrol prices, urging the public to participate. Notably, suggestions include selling expensive assets, such as Marium's 11 billion rupees plane and the Senate Chairman's 90 million rupees car, while criticizing the lack of progress in infrastructure projects like K-IV and Green Line metro. Furthermore, the recent diplomatic trips of Mr Shahbaz Sharif have come under scrutiny for their minimal impact.

3. Government Accountability: During the discussion, concerns were raised about the misuse of funds, specifically mentioning the potential sale of a vehicle owned by the Chairman of the PPP, and criticizing the lack of progress on important infrastructure projects. (TLQC 3500 of 5.5.26 refers).

F. Multiplication

If Public support continues with Dharna on Physically OR atleast Social Media and Regular support Invitation to your friends & relatives to be a part of this great struggle based on regular increase in Jamaat e Islami membership form filling, several issues are settled.

Although all the Commentaries are to the extent of the Subscribed IDs only, however, your Goodself is allowed to share this PGEC for the Noble Cause to Impart Knowledge, so as to save POL Prices can be reduced quickly as everyone is facing issues

Otherwise, be ready for constant increases in Taxes, Inflation, POL, Gas & Electricity Bills with different methods.

G. Further Relevant QCs

(a) 3546 of 4.6.26 about Persistent Tax Increases, High Corruption, Policy delays Leading to adverse Economy

(b) 3539 of of 21.5.26 about IMF Debts, Huge Govt, Exps & Corruption, etc - LCCI President's Bold Speech 

(c) 3500 of 5.5.26 about Salaried class & others Taxpayers money being misused on non-essential Govt spendings & IPPs

(d) 3391 of 12.12.25 about IMF directions: Improve FBR Structure and Reduce FBR Rules making authority & Officers Powers

(e) 3387 of 11.12.25 about IMF direction: Tax Simplification Plan by May 2026

(f) 3373 of 4.12.25 about IMF Corruption, etc Report details Ex Sindh Governor; Govt could not Counter IMF Report

H. Further Details & Services

Should you require any clarification or explanations in respect of the above or otherwise, please feel free to email info.kasbati@professional-excellence.com.

Best regards for Here & Hereafter

Asif S Kasbati (FCA, FCMA & LLB)

Managing Partner 

Kasbati & Co (1400+ Tax, Levies, Companies, Economy, Inflation, HR, Banking, Finance, etc

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