Pakistan and the International Monetary Fund began discussions in September on the fourth review of the country’s Extended Fund Facility, alongside a review of its climate-focused financing arrangement and a broader assessment of economic policy.
The mission, led by Iva Petrova, was reviewing programme commitments linked to the end of June 2026. Pakistan’s 37-month EFF was approved in September 2024.
The discussions covered fiscal performance, monetary policy and structural reforms. The separate Resilience and Sustainability Facility review focused on measures intended to strengthen Pakistan’s response to climate-related risks.
Two separate IMF engagements
Prime Minister Shehbaz Sharif also met IMF Managing Director Kristalina Georgieva in New York during the United Nations General Assembly.
The prime minister reiterated the government’s commitment to reforms. However, the New York meeting was separate from the technical review conducted by the IMF mission in Pakistan.
The distinction matters because programme assessments are negotiated by IMF staff and Pakistani officials, not decided solely through meetings between political leaders.
October 7 update: Staff-level agreement
On October 7, the IMF confirmed that its team had held discussions in Karachi and Islamabad from September 23 to October 7.
The Fund said staff reached an agreement with Pakistani authorities on the fourth EFF review and the third review of the Resilience and Sustainability Facility.
The outcome marked progress, but it was not the final approval required for financing. Staff-level agreements remain subject to consideration by the IMF Executive Board.
For Pakistan, successful programme reviews can help maintain access to external financing and provide reassurance about the direction of economic policy.
They also involve commitments that can affect taxation, public spending, energy reforms and other parts of the economy.
The October announcement therefore represents an important step in the review process, while any associated disbursement depends on subsequent Board approval.
Source: IMF statement, October 7, 2026.