PAKISTAN is a federation – not a loose confederation. Pakistan is a federation – not four fiscal islands connected by one federal treasury. History tells us that a federation survives on four balances. First: rights and responsibilities. Second: revenue and expenditure. Third: autonomy and accountability. Fourth: provincial empowerment and national solvency.

Red alert: Pakistan has disturbed not just one, but all four balances. Result: Islamabad borrows. Provinces spend. Citizens pay. The federation weakens. 2010: After several in-camera sessions, the 18th Amendment to the Constitution of Pakistan was passed by the National Assembly. More than one-third of the Constitution was amended. Pakistan’s public debt then stood at Rs8.2 trillion.

2026: Islamabad has been borrowing for 16 years. Provinces have been spending for 16 years. Pakistan’s public debt now stands at Rs95 trillion — a net accumulation of roughly Rs87 trillion over those 16 years. Cold truth: Since 2010, Pakistan has added more debt than discipline. The........

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