Next crisis is growth, not dollars

Pakistan has successfully stabilized its economy, improving its fiscal position, containing inflation, and rebuilding foreign-exchange reserves, as acknowledged by the IMF for strong reform implementation. However, the country now faces the significant challenge of transitioning from economic stability to sustained, investment-led, and export-oriented growth. While Pakistan has become adept at preventing economic collapse, it needs to achieve high-quality growth at a sustained rate to become genuinely prosperous and address the needs of its large and young population, moving beyond mediocre growth that will not transform the economy. The current-account recorded a surplus of $72 million during July-March of FY2026, remittances reached $41.6 billion, and foreign-exchange reserves held by the State Bank of Pakistan stood at $17.1 billion by May 15, indicating successful stabilization efforts.