In the Red Zone, signs of life have finally emerged.

On Friday evening, Finance Minister Muhammad Aurangzeb stood on the floor of the National Assembly, and declared: "Hey all, we're still around, and plan to stick around." Well, not exactly in those words, but the speech that he delivered – dripping with bureaucratic cliches, as always – conveyed (or hoped to) the same message.

To the shock of all, it may just work.

Because for some strange and inexplicable reason, the government has pulled off a decent budget. Perhaps even Decent-Plus. People are genuinely taken aback. How could the Finance Team do this? How dare they! The bitter truth however is that, whether we like it or not, even the doubters and haters (barring the few, the usual) are muttering under their breath: "Not bad – not bad at all."

Not bad usually equals grudging good. But grudging good turns out to be less grudging when timed with the southward graph of the government's perception. On a flatlined heartbeat, even a blip is considered monumental and miraculous.

The Budget 2026-27 tells an economic story that goes like this: "Once Upon a Time there was a government that ruled a country freefalling into default. But then it so happened that dark clouds of despair lifted to let in the sunshine of hope, primary surpluses and soothing relief for the salaried class." [End of Chapter 2].

Perhaps more importantly, the Budget also tells a political story. In fact, it produces a twist in an ongoing story about the government's........

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