Pakistan’s relationship with the International Monetary Fund (IMF) reflects a deeper pattern of structural dependence. The US$ 7 billion Extended Fund Facility (EFF) approved in 2024 is not merely a financial lifeline but an attempt to manage entrenched dysfunction. The IMF, acting as a lender of last resort, demands reforms in exchange for support: fiscal discipline, subsidy cuts, and transparency. Yet in politically resistant environments like Pakistan, these reforms often remain superficial. This dynamic is not unique to Pakistan. From Lebanon to Sudan, several fragile economies are accumulating unsustainable debt burdens, not only due to exogenous shocks or administrative inefficiencies, but because of deliberate political decisions—ranging from military adventurism to strategic ambiguity. Nevertheless, IMF conditionalities revolve around technical indicators such as fiscal consolidation, subsidy reform, and governance diagnostics, with limited consideration of the political economy of conflict and control.  […]