Macro-financial risk
2026-04-26
9 minute read
5 sources
Pakistan in 2026: IMF Program Economics Under Fiscal Stress
Pakistan's 37 month Extended Fund Facility is buying breathing room, but the underlying arithmetic of debt service, energy losses, and rollover concentration leaves little margin for political slippage.
Pakistan enters the back half of 2026 with an active IMF Extended Fund Facility, gross reserves stabilized near three months of imports, and headline inflation finally inside single digits. Beneath that veneer the picture is more brittle. Debt service consumes more than half of federal revenue, the energy sector continues to leak through ...