From climate catastrophes to national grid failures to political turmoil so intense that it pushed straight to the brink of debt default-for Pakistan, the problems just keep on piling on and show no signs of abating. What makes the current situation unprecedented is the backdrop of intense political polarization-Imran Khan’s arrest was merely the last straw. Earlier today, Pakistan agreed to scrap a controversial petrol cross-subsidy program to appease the IMF who has long expressed concerns about the country’s commitment to its fiscal responsibilities. This is a decision that can potentially clear a hurdle to unlocking a $1.1 billion loan disbursement, but with every obstacle overcome, a new one quickly takes its place. The political showdown that fueled unrest across the country earlier this week is far from over, signaling serious trouble for an economy that is already reeling from record-breaking inflation. The country’s international bonds, already in turbulent territory of as little as 32 cents, dropped more than 1 cent on the dollar this Wednesday. To make matters worse, we were only able to raise 63 billion rupees against a target of 100 billion with the cut-off rate rising to nearly 20% for three-year maturities. Growth has slowed to a crawl, while a shortfall of dollars is still hampering imports. Meanwhile, foreign exchange reserves barely cover a months’ worth of imports. For Pakistan, time is slowly running out-nearly 100 days have passed since the IMF staff level mission to the country and we are yet to strike a preliminary deal, a key step to securing funding and opening up other crucial financing avenues. That is the longest gap of its kind since 2008. With so many protestors on the street and society more partisan than ever before, the IMF has more than a few reasons to cast doubt on Pakistan’s ability to handle money. With elections coming up and public ire mounting, investors believe it is unlikely that reforms requested by the IMF will improve the country’s fiscal position, since they will contribute to economic hardship in the short-term, a move that policymakers are not willing to risk. For now, it is difficult to say whether Pakistan can survive. *