Beneath the surface

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…