Without IMF support?

Pakistan stays afloat even though the threat of a default on foreign financial obligations persists. And while Moody's credit ratings agency sees the possibility of Pakistan defaulting on its external payments without an IMF bailout, Finance Minister Ishaq Dar is optimistic that the government will survive an acute balance-of-payments crisis even in the absence of a deal with the Fund. Dar's optimism stems from the fact the government expects continued support from friendly countries, China in particular, over repayment of $3.7 billion in principal debt, maturing in next two months.

A deal with the IMF, meanwhile, continues to elude Pakistan with the global lender hardening its conditions for the release of a $1.1 billion tranche out of a $6.5 billion bailout package. So much so that the negotiations surrounding the ninth review - meant for reaching a staff-level agreement - have nearly outlasted the current fiscal year. The agreement has been delayed since...