Stability as strategy in an energy crisis

This is the third global energy shock in less than two decades. For Pakistan, where imported fuel underpins much of the economy, the impact is invariably sharper than for most peers. The previous shocks in 2008 and 2022 did more than raise prices. They destabilised growth, strained external balances and reshaped politics. As the current crisis unfolds, the central question is whether policymakers will finally break from a pattern of costly, short-term fixes. The first episode, in 2007–08, was pa...