IMF seeks amendments to Pakistan’s SOE laws before release of next $1 billion tranche

The International Monetary Fund has proposed amending Pakistan's state-owned enterprise laws as a prior action before the next $1 billion loan tranche can be released, per Profit by Pakistan Today, citing The Express Tribune. The Fund has questioned Rs180 billion within a Rs853 billion statistical gap in budget figures and wants that sum offset against the primary surplus the government reported for the prior fiscal year. Sources said the aim is to align the laws of nine to 10 public enterprises with the main SOE Act before mid-November 2026.

The disbursement could reach the Executive Board in late November, provided a staff-level agreement and parliamentary approval are secured. The review talks ran from September 23 to October 7 within the $7 billion Extended Fund Facility. So far $4.2 billion of that facility has been disbursed, largely due to fiscal and monetary steps. Pakistan missed the August 2026 deadline for the amendments, and the IMF has also raised concern about the Sovereign Wealth Act, whose extended deadline ended in March 2026.

Finance Secretary Imdad Ullah Bosal earlier listed the National Bank of Pakistan among seven enterprises whose laws the amendments would cover. Separately, the Finance Ministry said SOE public debt, excluding contingent liabilities, hit a record Rs10.1 trillion by December 2025. Differences also remain over BISP indexation and a proposal for export processing zones to sell up to 20% domestically.