IMF 2024–27 Programme: Reviews and Conditions
Overview
Pakistan is midway through a 37-month, roughly $7 billion IMF Extended Fund Facility approved in September 2024, alongside a Resilience and Sustainability Facility. Each review unlocks a tranche and is tied to fiscal, energy and tax conditions, including a primary surplus target of 2% of GDP for FY2027.
Latest updates
An IMF staff mission ended pre-budget talks; the authorities reaffirmed a FY2027 primary surplus target of 2% of GDP
A fourth review was expected from September 2026. (ProPakistani)
The IMF Executive Board completed the third review; the State Bank reported receiving about $1.32 billion under the EFF and RSF
(ARY News)
IMF staff and Pakistan reached a staff-level agreement on the third EFF review and second RSF review, worth about $1.2 billion subject to Board approval
(Aaj News)
Recent developments
Programme reviews are the main external anchor for Pakistan's economic policy and a signal to other lenders and rating agencies. The United States is the IMF's largest shareholder, so each Board decision is also read in Islamabad as a test of Washington's support.
Recommended resources
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Pakistan, IMF reach staff-level agreement on loan review
28 March 2026
via Aaj News
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Pakistan receives $1.32bn from IMF under EFF, RSF programs: SBP
via ARY News
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IMF concludes Pakistan visit after talks on budget and reforms
21 May 2026
via ProPakistani
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IMF approves $7 billion Extended Fund Facility for Pakistan
25 September 2024
via Profit (Pakistan Today)
