The echoes of Sisyphus’s struggle

In Greek mythology, Sisyphus faced an eternal chore: he had to push a large rock up a hill. However, whenever he neared the top, the sheer weight of the rock would overwhelm him, his arms would give way, and the boulder would roll back down the hill. As a result, Sisyphus had to start the laborious task all over again. Despite the endless nature of his punishment, one wonders if Sisyphus experienced a brief moment of triumph as he neared the peak when he could almost see his suffering concluding - only for it to be swiftly undone by the descent of the cruel rock. Is our satisfaction with the current account surplus reminiscent of Sisyphus’s fleeting moment of victory? Pakistan has recorded current account surpluses for four consecutive months. The surplus of $334 million reported by the central bank for June sharply contrasts with the $1.26 billion deficit observed at the onset of FY23. At first glance, it might appear that the policymakers have ushered the nation towards a positive pivot, with the current account now contributing to Pakistan’s forex reserves rather than depleting them, as was the case a few months ago.