<h1>External financing needs constrain Pakistan's exit from IMF programme, requiring reforms and dependence on creditor rollovers.</h1> Pakistan's constrained policy space makes exiting the IMF programme impractical absent substantial structural reforms and resolution of large gross external financing needs. The government depends on annual debt rollovers from a small set of creditor countries and has secured cash deposits to avoid default. An imminent IMF review will evaluate compliance amid limited privatisation progress and significant tax shortfalls, while domestic fiscal weaknesses-failed revenue measures and low investment ratios-undermine prospects for sustainable growth.