Pakistan, Oct. 8 -- Investors are back in Islamabad, and this time it feels real. The Saudi delegation, led by Deputy Investment Minister Ibrahim Al Mubarak, has not come to offer pleasantries. It has come to see whether Pakistan can finally deliver. Riyadh's $5 billion commitment is on the table, alongside Europe's review of GSP+ access and Malaysia's push for digital and halal ventures. Money, markets, and patience are again in motion. The question, as always, is whether Islamabad can stop squandering its second chances.

The numbers remain unforgiving. Growth is stuck below three per cent, and debt servicing devours sixty paisas of every rupee collected. The rupee holds steady only because allies keep parking deposits like bandages on ...