In this episode, Uzair talks to Ali Khizar about the upcoming budget and the ongoing conversations between the IMF and Pakistan. We focused on why this government will only pursue incremental reforms, the issues with the power sector, and why broadening the tax base is unlikely for the time being. Ali Khizar is head of research at Business Recorder and has over 20 years of experience in economic research and business analysis. Chapters: 0:00 Introduction 1:55 IMF’s focus for Pakistan 9:30 Taxes in the budget 22:50 Cost of energy 36:30 Privatization outlook 47:20 Political space for reforms