Correcting West\'s narrative on Pakistan

Pakistan's economy is poised to enter a sustainable growth phase after achieving recent stability. This is evident as renowned global credit rating agencies, including Fitch and Moody's, upgraded Islamabad's credit rating in July and August. These upgrades acknowledge that Pakistan has navigated out of economic and financial dangers, averting a major risk of default on foreign debt repayments between 2023 and 2024. However, a New York Times opinion piece last month (August 2024) claimed, "Pakistan is mired in a deep economic crisis that it can't climb out of, partly because of the need to pay billions of dollars in loans to China for infrastructure and other projects." This claim starkly contradicts the facts. Pakistan is no longer in a deep economic crisis but is instead on the verge of transitioning from stability to growth. Inflation has returned to single digits, standing at 9.6% in August 2024 after three years. Foreign exchange reserves have hit a 26-month high of $9.43 billion, more than triple the amount recorded in February 2023.