Pakistan ended FY25 with its strongest fiscal numbers in over 20 years and its weakest development budget in a generation. The deficit narrowed to 5.4 per cent of GDP, the primary surplus reached 2.4pc, the current account turned positive for the first time in 14 years, and reserves crossed $21 billion. The July-March data for FY26 has extended that into the lowest fiscal deficit in 27 years at 0.7pc of GDP, with a 3.2pc primary surplus. [...]