Pakistan, IMF kick off talks for fourth EFF, third RSF reviews

An IMF mission led by Iva Petrova has opened talks with Pakistan on two reviews: the fourth under the Extended Fund Facility (EFF) and the third under the Resilience and Sustainability Facility (RSF), according to Mettis Global. The mission is in Islamabad, and talks formally began with Federal Minister for Finance and Revenue Senator Muhammad Aurangzeb, a Ministry of Finance update showed. The assessment looks at performance up to the end of June 2026 and the policy and reform steps planned for the period ahead.

Completing both reviews successfully would make Pakistan eligible to receive about $1.2 billion, made up of roughly $1 billion under the EFF (760 million SDRs) plus $200 million under the RSF. Funds would follow only after a staff-level agreement and IMF Executive Board approval, with release currently expected by late November or early December. Official sources cited by Dawn said revenue fell well short of some programme targets, though fiscal performance has largely stayed on track.

The talks will test whether the FBR can deliver on revenue pledges, including a half-yearly revenue collection structural benchmark introduced for the first time. Energy-sector reforms, such as cutting circular debt and improving power and gas sector performance, form a large share of the talks. Indicators such as the current account, foreign exchange reserves and the exchange rate will be reviewed amid external risks such as volatility in global energy markets.