Despite being a multiple-term incumbent, Finance Minister Ishaq Dar made an error when he discussed the country’s about $27 billion non-Paris Club debt in Washington, especially given that approximately $24 billion of it is held by China and the remaining by our Arab brotherly states. He ought to have known better. China, like the Arab states, deserves better. Pakistan has strong relations with all of these countries and can discuss these issues bilaterally with each. This pressure on Dar’s decision is warranted because so much is riding on it. Pakistan had just emerged from the most severe economic crisis in its history when it was hit by the biggest natural calamity in its history. The disaster forced the World Bank to cut the country’s GDP growth prediction in half, to 2%. In the aftermath of the disaster, the World Bank System, including the IMF, appears to have warmed up to Pakistan’s specific fiscal and monetary demands. Referring to Pakistan’s foreign debt, while not strictly necessary, restructuring it will undoubtedly help at this time. The good news is that it is the lenders who are granting aid, not Pakistan. President Macron of France is using his good graces to call a meeting of Pakistan’s Western creditors to discuss debt restructuring. China will undoubtedly rise to the occasion. In reality, a Chinese foreign ministry official has already guaranteed Beijing’s full support for Pakistan’s flood victims’ rehabilitation. Some may believe that these positive gestures have made the work of Pakistan’s finance minister easier, but in reality, it has grown more difficult. While others are free to think whatever they want, Dar cannot allow anything to cloud his judgment. For Pakistan, this is a make-or-break, now-or-never crisis. Without a doubt, flood recovery and reconstruction must be prioritised. However, economic stability must remain a top priority in Dar’s priority. There will be difficult budgetary reforms to implement. Another issue is the troubled energy sector. There are difficulties in broadening the revenue base and achieving budget balance. In short, we have a long way to go before we can think about economic advancement and social improvement. It doesn’t help that the global economy is on the verge of a recession. Still, who said governing a country’s economy was simple? It’s wonderful to see the finance minister considering all possibilities. It is critical that Pakistan get the climate response financing pledged in Copenhagen and Glasgow. The world must recognise that resilient reconstruction is both necessary and essential. We must consider what will happen if this year’s unusual weather pattern becomes a regular or common occurrence. Then there’s the issue of historical inflation. Dar appears to have had some success in reducing inflationary expectations, but that is about all for the time being. The actual work of restoring the economy to some semblance of normalcy remains ahead of him. The IMF’s food shock borrowing window should come in handy at this point, helping to buffer the inflationary shocks that Pakistani people are experiencing. One area where the government has performed admirably is in its basic thinking.