Pakistan's external sector is once again under scrutiny as the country prepares to meet a $1 billion Eurobond repayment due shortly after Eid, a development that has reignited concerns about foreign exchange reserves, debt sustainability, and continued reliance on multilateral support. While policymakers project confidence in meeting the obligation, the repayment highlights the persistent vulnerabilities in Pakistan's external financing position and the delicate balance between stabilisation and long-term sustainability. [...]