An International Monetary Fund (IMF) delegation is scheduled to arrive in Pakistan on September 23 for the next review of the country’s ongoing economic programme. The mission is expected to remain in Pakistan for around two weeks and will hold discussions with officials from the Ministry of Finance and the Federal Board of Revenue on economic performance, fiscal targets and reform commitments under the programme.
The upcoming discussions will assess Pakistan’s economic targets achieved through June 2026 and examine the new targets and conditions expected to apply during the current fiscal year. The review will provide an opportunity for the IMF and Pakistani authorities to evaluate progress under the programme and discuss measures required for the continuation of the reform process. Recent reports indicate that the September 23 talks are expected to cover the fourth review of the Extended Fund Facility (EFF), along with the third review of the Resilience and Sustainability Facility (RSF).
The IMF mission is also expected to examine developments in the energy sector, particularly the issue of circular debt. Inflation, the policy rate and foreign exchange reserves are also expected to feature in the discussions as part of the broader assessment of Pakistan’s economic performance. These areas remain connected to the programme’s objectives of maintaining macroeconomic stability, strengthening fiscal management and improving the country’s external position.
Progress on the government’s privatisation programme is another area expected to be reviewed during the mission. State-owned enterprise reforms form part of the structural agenda under Pakistan’s IMF programme, alongside measures aimed at improving public-sector performance and reducing fiscal pressures. The IMF’s most recent completed review in May 2026 also identified reforms involving public finances, state-owned enterprises, competition, productivity and energy-sector viability among the programme’s key priorities.
Pakistan is currently operating under a 37-month Extended Fund Facility arrangement approved by the IMF in September 2024. The programme has financing of about $7 billion and is designed to support macroeconomic stability while advancing structural reforms. According to the IMF, the arrangement includes priorities such as rebuilding foreign exchange reserves, broadening the tax base, strengthening public finances, improving competition and productivity, reforming state-owned enterprises and restoring the viability of the energy sector.
The upcoming review will therefore cover both Pakistan’s performance against previously agreed targets and the policy framework for the current fiscal year. Discussions between the IMF team and Pakistani authorities are expected to address fiscal and monetary developments as well as structural measures across taxation, energy, state-owned enterprises and other areas of the economy.
The IMF’s third EFF review, completed in May 2026, allowed Pakistan to draw about $1.1 billion under the EFF, while the second review of the RSF arrangement allowed an additional draw of about $220 million. The IMF said at the time that total disbursements under the two arrangements had reached approximately $4.8 billion. The September mission will assess developments since that review and discuss the next phase of Pakistan’s commitments under the programmes.
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