Governments are responsible not only for managing public finances but also for safeguarding the vast public assets created through decades of public investment. To address these shortcomings, the Government introduced the Public Assets Management Guidelines 2025, an important reform that has received relatively little public attention. The next challenge is to build on these reforms by moving beyond public asset management towards a broader public wealth management framework. Together, these measures would give policymakers, Parliament and the public a much clearer picture of the country’s public wealth. Managing public wealth should become an integral part of Pakistan’s fiscal reform agenda.