The International Monetary Fund (IMF) on Thursday reached a staff-level agreement (SLA) with Pakistani authorities on the fourth review under the $7 billion Extended Fund Facility (EFF) and the third review under the $1.4bn Resilience and Sustainability Facility (RSF), qualifying Pakistan to draw about $1.2bn from the fund’s resources in four to five weeks.
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Fund → reach → weeks
“The IMF team has reached an SLA with the Pakistani authorities on the fourth review of the 37-month Extended Arrangement under the Extended Fund Facility (EFF) and the third review of the 28-month arrangement under the Resilience and Sustainability Facility (RSF)”
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team → reach → Facility
, the lending agency announced in an early morning statement.
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agency → announce → statement
Upon approval, Pakistan will have access to about $1bn (SDR 760 million) under the EFF and about $210 million (SDR 154 million) under the RSF, bringing total disbursements under the two arrangements to about $5.7bn, it said
The two sides also concluded Article IV consultations, the IMF announced from Washington headquarters.
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IMF → have → headquarters
“Program implementation under the EFF has remained broadly on track despite a challenging external environment.
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implementation → remain → environment
The authorities remain committed to preserving macroeconomic stability, strengthening public finances, ensuring that inflation returns durably to the State Bank of Pakistan’s target range, enhancing energy sector viability, strengthening social protection, and accelerating reforms to foster sustainable, private sector-led, and inclusive growth,” the IMF statement said.
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statement → remain → growth
The authorities have also continued to advance their climate reform agenda under the RSF to strengthen Pakistan’s resilience and reduce vulnerabilities to climate-related risks, it added.
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it → continue → risks
The fund team led by Iva Petrova was in Pakistan and held discussions under the 2026 Article IV consultation and on the 4th review EFF and the 3rd review under the RSF from September 23 to October 7.
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team → lead → October
“Supported by the EFF, the authorities have successfully navigated the impact of the Middle East conflict, and strong policies have helped preserve macroeconomic stability.
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policies → support → stability
Real GDP growth reached 4 per cent in the first three quarters of FY26, and although higher energy prices and supply disruptions weakened somewhat the momentum, FY26 growth is estimated at 3.6pc.”
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growth → reach → 3.6pc
Headline inflation moderated to about 10.3pc in September after peaking in May, while core inflation remained contained, the fund said.
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fund → moderate → May
It added: “The current account was broadly balanced in FY26 supported by strong remittances, and gross reserves rose to about $21.5bn by end-September.
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reserves → add → September
Sovereign rating upgrades and renewed international market access also point to stronger policy credibility.
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upgrades → renew → credibility
Nevertheless, the fund said risks remain high, particularly from geopolitical tensions, volatile energy prices, tighter global financial conditions, and trade disruptions.
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risks → say → tensions
”
The authorities remain committed to sound macroeconomic policies, which are critical to safeguarding stability amidst the ongoing shock-prone environment, it further stated.
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it → remain → environment
The authorities’ policy priorities would continue to maintain strong fiscal policies.
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priorities → continue → policies
Steadfast implementation of the FY27 budget, anchored by an underlying primary surplus of 2pc of GDP and supported by tax policy and revenue administration measures, is critical to placing public debt on a durable downward path, it noted.
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it → anchor → path
Revenue administration reforms, including improved risk-based audits, digital invoicing, and use of third-party data, will help safeguard the revenue targets.
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reforms → include → targets
A comprehensive medium-term tax reform strategy should make the system fairer, simpler, and more growth-friendly, while protecting revenues and reducing distortions, the statement said.
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statement → make → distortions
The authorities will stay the course in enhancing public financial management, it said, noting that they were “making progress in strengthening public financial management to improve the efficiency and transparency of the budget process, public investment, procurement, and government cash management.
“They remain committed to reducing debt rollover risks and servicing costs amid elevated gross financing needs, while advancing the development of the domestic government securities market and diversifying the investor base,” the IMF said.
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IMF → stay → base
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