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Economy tracker

IMF & Pakistan

Follow Pakistan’s IMF programme, reviews, financing decisions and the policy changes shaping the country’s economy.

The reporting trail

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Silhouetted gantry cranes and a berthed cargo ship at Karachi Port against a golden sunset, with a warehouse and harbour buildings along the waterfront.Pakistan / Business & Finance

Pakistan's first-quarter trade deficit widens 15% to $10.8bn

Pakistan's merchandise trade deficit widened 15.1% to $10.79 billion in July–September as imports grew faster than exports, with September's gap up 6.2% to $3.56 billion.

Front view of the International Monetary Fund headquarters on Pennsylvania Avenue in Washington, D.C., with the IMF name shield above the entrancePakistan / Business & Finance

IMF shares first MEFP draft with Pakistan, flags Rs1.675trn power circular debt breach

The IMF's first MEFP draft for Pakistan's $7bn EFF review flags a Rs1.675 trillion power circular-debt breach and asks for the 200-unit power subsidy to end in favour of BISP.

The International Monetary Fund headquarters in Washington, D.C., seen from the street with its angular modernist facade and dark glass curtain walls.Pakistan / Business & Finance

Pakistan, IMF hit deadlock over fuel subsidy and Rs1.4 trillion gas receivables write-off

Pakistan and the IMF have hit a deadlock over the fuel subsidy scheme and writing off Rs1.4 trillion in gas utility receivables as the fourth EFF review continues.

The State Bank of Pakistan headquarters building in Karachi under daylight, an angular modern office tower with the central bank logo at its entrance.Pakistan / Business & Finance

Pakistan CPI inflation eased to 10.3% in September but stayed in double digits on energy costs

PBS said headline inflation eased to 10.3% year-on-year in September 2026 from 11.1% in August, with energy and transport costs keeping the annual print in double digits.

A busy pedestrian shopping street in Anarkali Bazaar, Lahore, with small storefronts, overhead shop signboards, parked motorcycles and people walking.Pakistan / Business & Finance

Pakistan's tax filers jump 45% while tax paid with returns falls 7%

Income-tax returns in Pakistan rose 45% to 5.77 million by 30 September, but tax paid with those returns fell 7% to Rs77.3 billion as the FBR began mapping shops.

Wide view of the Pakistan Secretariat complex in Islamabad, a row of large mid-century government buildings behind trees and lawns under a clear sky.Pakistan / Business & Finance

FBR extends 2026 income-tax filing deadline to 15 October after trade-body requests

The Federal Board of Revenue pushed the 2026 income-tax return deadline to 15 October, hours after warning of Rs25,000 to Rs100,000 penalties on late filers.

The State Bank of Pakistan's heritage headquarters building on I.I. Chundrigar Road in Karachi, with its fluted columns and pedimentPakistan / Business & Finance

Aurangzeb briefs IMF on digital asset-declaration scheme for 10,000 federal employees

On 29 September, Aurangzeb told the IMF that 10,000 federal civil servants must file digital asset declarations by 30 October; the FBR cited a Rs144bn Hormuz revenue hit.

The State Bank of Pakistan building in Lahore, with its domed clock tower and arched facadePakistan / Business & Finance

IMF opens formal talks with Pakistan on fourth review of $7bn programme

Formal IMF-Pakistan policy talks begin in Islamabad on 28 September for the fourth EFF review and third RSF review, with about $1.2bn in disbursements riding on the outcome.

The Parliament House building in Islamabad seen from across its lawns, with the main hall and colonnaded wings in daylightPakistan / Business & Finance

IMF wants Pakistan to pass 174 law changes as fourth review talks near

Finance Secretary Imdadullah Bosal told a parliamentary panel the IMF wants about 174 amendments to Pakistani laws passed, as the fourth review of the $7bn EFF approaches.

The United Nations General Assembly Hall in New York, showing the rows of delegates' desks facing the speaker's podium and the tall rear galleryPakistan / Business & Finance

IMF raises no serious concerns over Pakistan's fuel subsidy, PM says

PM Shehbaz Sharif said the IMF raised no serious concerns over Pakistan's Rs100-per-litre fuel subsidy in his UNGA meeting with IMF chief Kristalina Georgieva.

The red-brick State Bank of Pakistan building in Lahore seen from the street, with its arched entrance and tall clock towerPakistan / Business & Finance

IMF opens Pakistan's fourth review with Rs370bn health, education spending gap

The IMF opened Pakistan's fourth EFF review with officials flagging a Rs370bn health and education spending shortfall and Rs853bn in statistical discrepancies.

The International Monetary Fund headquarters building in Washington, D.C., seen from the street with flags at the entrancePakistan / Business & Finance

IMF review mission arrives in Karachi as Pakistan begins fourth EFF talks

The IMF staff mission has arrived in Karachi to begin the fourth review of Pakistan's $7 billion programme, as the Finance Ministry pushes back on 'fiscal numbers' claims.