Hamza Ali

Many people I meet ask about Pakistan’s economic future, particularly amid growing geopolitical uncertainty. My answer is more optimistic than they expect. Pakistan is in a much stronger position than it was a few years ago. The rupee is stable, reserves have recovered, inflation is under control, the central bank is vigilant, and fiscal management is more disciplined. These are significant achievements, not to be taken lightly. But economic stability is the foundation for growth, not growth itself. We now need bold reforms where they matter most. Start with the FBR. An economy cannot prosper when the tax system penalises those already paying while leaving large segments undertaxed. And exports cannot flourish without a fundamental shift from protecting domestic markets to competing in global ones. But above all, reforms must begin with the government itself: reducing its size and cost, eliminating overlapping functions, cutting wasteful expenditure and making public institutions accountable for their performance. Pakistan has stepped back from the brink. The challenge now is to stop returning to it. I remain cautiously optimistic. We have earned some breathing space. We must use it wisely.