The conversation covers a detailed analysis of Pakistan's Budget FY 2025, IMF influence, tax-to-GDP ratio, fiscal deficit, economic stability, inflation, LSM numbers, and the impact on various sectors of the Stock Market. It also delves into equity research, commodity super cycle, international oil prices, and the impact on Pakistan's macros. The discussion further explores the impact of IMF programs, non-tax revenue, technology sector, and investment rationale. The conversation concludes with insights on market expectations, profitability, and economic decisions. Takeaways - IMF influence on budget decisions - Importance of tax-to-GDP ratio for revenue generation - Impact of inflation and LSM numbers on the economy - Role of IMF programs in economic stability - Significance of non-tax revenue and technology sector - Market expectations and profitability - Considerations for investment rational Chapters 00:00 Analyzing the Budget and IMF Influence 08:36 Tax-to-GDP Ratio and Revenue Generation 13:13 Inflation, LSM Numbers, and Economic Impact 16:34 IMF Programs and Economic Stability 25:38 Market Expectations and Profitability 30:27 Investment Rational and Economic Decisions