Pakistan’s Economic Survey celebrates stability, its Budget for FY27 shows how fragile that stability is

These figures are genuine, and the efforts behind them substantial. Pakistan has retreated from the brink of economic collapse. However, stabilisation does not equate to development. It merely removes an impediment. When you place the Economic Survey beside the Federal Budget for FY 2026-27, the disparity between Pakistan’s current state and its developmental aspirations becomes starkly evident. Surplus built on borrowed time The acclaimed primary surplus deserves examination prior to celebration for Pakistan. It rests on two elements that are neither structural nor sustainable. First, markup payments decreased by 23.2 percent—not due to a reduction in the country’s debt burden,…