THE IMF’s approval of the latest review of Pakistan’s ongoing Fund programme comes at a moment of growing global economic volatility. With the Middle East crisis disrupting energy markets, its timing is particularly significant for a country whose external position remains vulnerable to imported energy shocks. For Pakistan, whose balance-of-payments position depends heavily on external financing and remittance stability, the new tranche offers some respite. The approval of the review was not in doubt. It was just a matter of time, as Islamabad remains broadly on track under the programme. However, it did not come automatically. The government reportedly accepted a dozen new conditions, pledging adherence to pre-war targets to keep economic........

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