Pakistan, Oct. 18 -- Pakistan in late 2025 remains chained to a cycle of borrowing, bailouts, and conditionality-a pattern that has defined its economic life for decades. Despite intermittent signs of stabilisation, the country's dependence on the International Monetary Fund (IMF) has deepened rather than diminished. The reasons are structural, political, and economic, with data now confirming that what may have once been temporary external support is now essentially embedded into Pakistan's budget and policy framework.

Public debt - the bedrock of this dependency - stood at an alarming Rs 80.5 trillion by June 2025, having increased by 13% year-on-year. Of this, approximately Rs 54.5 trillion is domestic, while Rs 26 trillion is externa...