ISLAMABAD: Finance Minister Senator Muhammad Aurangzeb on Tuesday held an opening meeting with an International Monetary Fund (IMF) delegation as Pakistan began formal discussions for the fourth review of its $7 billion Extended Fund Facility (EFF) and the third review of the Resilience and Sustainability Facility (RSF).
The IMF mission, led by Iva Petrova, arrived in Islamabad after holding discussions in Karachi over the past week, according to the Ministry of Finance.
The opening meeting focused on key issues related to the ongoing reviews, with the successful completion of the process expected to pave the way for the release of around $1.2 billion through two tranches under the EFF and RSF programmes.
Pakistan seeks progress on IMF programme
Pakistan received $1.32 billion from the IMF in May after the Fund’s Executive Board completed the third review of the EFF arrangement, according to the State Bank of Pakistan.
The 37-month EFF programme was approved on September 25, 2024, with the broader objectives of strengthening macroeconomic stability, rebuilding foreign exchange reserves, expanding the tax base and supporting sustainable economic growth.
The latest review will assess Pakistan’s progress on commitments under the programme, including fiscal and structural measures.
IMF briefed on digitised asset declarations
During its meetings in Islamabad, the IMF mission was also briefed on the government’s digitisation of its Asset Declaration Scheme.
According to The News, officials from the Establishment Division and Federal Board of Revenue (FBR) briefed the mission on the scheme introduced under Section 15-A of the Civil Servants Act, 1973.
Under the mandatory scheme, around 10,000 federal government employees are required to declare their assets by October 30.
Pakistan’s Economy Moving from Stability to Growth, Says Finance Minister Aurangzeb
The digitised declarations are expected to be published by December 2026 or January 2027, according to the report.
Provincial civil servants are not currently included in the scheme.
Federal Minister for Finance and Revenue, Senator Muhammad Aurangzeb, today held a kick-off meeting with the International Monetary Fund (IMF) mission, led by Ms. Iva Petrova. The IMF mission is in Islamabad for the fourth review of Pakistan’s Extended Fund Facility (EFF)… pic.twitter.com/Ka0CVizrTm
— Ministry of Finance, Government of Pakistan (@Financegovpk) September 29, 2026
FBR reports impact of economic disruption
FBR officials also briefed the IMF mission on revenue collection during the first quarter of the current fiscal year.
According to officials cited by The News, disruptions linked to the closure of the Strait of Hormuz and the resulting increase in fuel prices have affected economic activity and consequently impacted sales tax and income tax collections.
The FBR estimated that the ongoing conflict had caused revenue losses of around Rs144 billion.
Despite the reported shortfall, FBR officials said they expected to meet the July-September revenue collection target of Rs3.053 trillion by September 30.
Tax collection was projected to reach around Rs1.33 trillion against a monthly target of Rs1.343 trillion, with officials maintaining that the overall first-quarter target remained achievable.
The IMF mission’s discussions will continue as both sides review Pakistan’s economic performance and progress on commitments under the EFF and RSF programmes.
