THE IMF’s staff-level agreement with Pakistan on the fourth balance-of-payments and the third climate financing reviews came with little drama — which itself says something. The mission spent two weeks in Islamabad, wrapped up the 2026 Article IV consultation, and left with a deal that releases $1.2bn once the IMF Executive Board approves it. Nobody expected a different outcome. The Fund is unlikely to push hard against a borrower that is hitting its fiscal targets. Compare this with March, when talks went virtual, ended without an agreement, and dragged on until the Board cleared funds in May. The recent round made fewer headlines because the hard bargaining over the budget had already been done. The........

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