ISLAMABAD: The Pakistan IMF review is expected to begin on September 22. The IMF will assess performance through June 2026 as part of the fourth review of the $7 billion Extended Fund Facility.
The discussions are expected to take place in Karachi and Islamabad over about two weeks. They will run alongside an IMF Article IV consultation. This is the first since the 2024 exercise.
The review will assess Pakistan’s compliance with end-June 2026 performance criteria and structural reform commitments. Current reporting indicates that revenue collection, energy-sector viability, governance reforms and implementation of the Governance and Corruption Diagnostic recommendations will feature in the talks.
IMF programme documents classify the upcoming exercise as the fourth EFF review, not the fifth. The Fund’s schedule links it to an EFF purchase of SDR 760 million, equivalent to roughly $1 billion. This will be subject to successful completion of the review and Executive Board approval.
Read: Pakistan IMF Review Starts Sept 22 With Article IV Talks
Pakistan is also due for the third review under the Resilience and Sustainability Facility (RSF). The IMF programme schedule provides for additional climate-financing disbursements tied to implementation of agreed reform measures.
The IMF Executive Board completed Pakistan’s third EFF review on May 8, releasing about $1.1 billion under the EFF and $220 million under the RSF. As a result, total disbursements under the two arrangements then reached about $4.8 billion.
Pakistan’s 37-month EFF was approved on September 25, 2024, for about $7 billion.
