Pakistan's latest debt review offers a sobering reminder of the structural weaknesses that continue to hobble the economy. The Ministry of Finance has reported that the country's total public debt surged by 13% to Rs80.6 trillion in FY25, with the debt-to-GDP ratio climbing to 70% from 68% in the previous year. This rise, despite an ostensible attempt at fiscal consolidation, truly reflects how fragile economic recovery remains when growth lags and deficits persist.

The key driver........

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