For much of the four years, Pakistan’s fiscal budgets have been defined by one overriding objective: stabilisation. Under the International Monetary Fund (IMF) programme, the government seems to have no choice other than to focus on fiscal consolidation, external sector stability and revenue mobilisation. But after a long stretch of austerity, there finally appears to be a signal that the stabilisation phase is finally behind us and the economy is ready to transition into the growth phase.