Pakistan’s $21.4 billion “record” reserves are just a loan with good PR. 91% trace to Saudi deposits, Chinese swaps, and Eurobond, not exports. Turkey ran this exact same playbook before lira collapsed. Real progress is happening with remittances and a narrower deficit. Pakistan is renting resilience rather than building it.
Pakistan’s $21.4 billion ‘record’ reserves are just a loan with good PR
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