IMF Executive Board to discuss Pakistan reviews on Dec 8

The International Monetary Fund's (IMF) Executive Board will decide whether to approve Pakistan's reviews under the Extended Fund Facility (EFF) and Resilience and Sustainability Facility (RSF) in a meeting on December 8, according to details published on its website.

If the reviews are approved, which analysts say is likely, the disbursement to Pakistan is expected to be made on December 9, bringing total inflows under the two IMF arrangements to about $3.3 billion.

Pakistan and the IMF reached a Staff-Level Agreement (SLA) on October 14 following the second review of the $7 billion EFF and the first review of the $1.4 billion RSF.

Under the agreement, Pakistan will receive $1 billion under the EFF and $200 million under the RSF.

An IMF mission, led by Iva Petrova, held discussions with Pakistani authorities in Karachi, Islamabad, and Washington, D.C. from September 24 to October 8, as part of the review process.

Supported by the EFF, Pakistan’s economic program is entrenching macroeconomic stability and rebuilding market confidence. The recovery remains on track, with the FY25 current account recording a surplus — the first in 14 years — the fiscal primary balance surpassing the program target, inflation remaining contained, external buffers strengthening, and financial conditions improving as sovereign spreads have narrowed significantly, the mission said in a statement following the meetings' conclusion.

Before the Board meeting, Pakistan is expected to publish a long-delayed Governance and Corruption Diagnostic (GCD) Assessment Report, prepared by an IMF technical mission.

The release of the report is a key structural benchmark under the EFF program.

The upcoming Board approval is expected to further strengthen Pakistan’s foreign exchange reserves and bolster investor confidence as the government continues implementing fiscal and governance reforms agreed with the IMF.