IMF review talks to begin February 25 as Pakistan seeks fresh loan tranche

Pakistan will begin review talks with the International Monetary Fund (IMF) in the last week of February as the government seeks to unlock the next tranche under the ongoing 7$ billion Extended Fund Facility (EFF). 

As per media reports, an IMF mission is scheduled to arrive on February 25 for a two-week visit to assess economic performance from July to December 2025. The review will examine progress on agreed benchmarks, including taxation measures, energy sector reforms, monetary policy implementation and foreign exchange reserves.

According to official data, the federal government achieved its primary budget surplus target and provinces maintained required cash balances. However, the Federal Board of Revenue (FBR) fell short of its six-month tax collection target by Rs329 billion, collecting Rs6,161 billion during the period.

Provincial governments reported a combined cash surplus of Rs1,179 billion and collected over Rs568 billion in taxes in the same timeframe.

The IMF team will also review progress on privatisation initiatives, including developments related to Pakistan International Airlines (PIA), as part of the broader programme assessment.