Pakistan, April 8 -- There was a time, not very long ago, when Pakistan's economic story was told in the language of survival. Foreign exchange reserves were shrinking, imports were choking the system, and every external payment carried the anxiety of default. In mid-2022, the State Bank's reserves had slipped below $7 billion-barely enough to cover a few weeks of imports. That was not just an economic statistic. It was a national vulnerability.

Fast forward to March 2026, and the picture looks markedly different. Pakistan's total liquid foreign exchange reserves now stand above $21.6-21.7 billion, with the State Bank holding roughly $16.3 billion. This is not an incidental improvement. It reflects two years of painful stabilisation-IMF ...