The next round of economic review talks between Pakistan and the International Monetary Fund (IMF) will be held in Washington, where Finance Minister Muhammad Aurangzeb and his economic team are set to engage in key policy negotiations this week.

According to sources, a staff-level agreement is expected if the discussions conclude successfully, paving the way for the release of the next $1.2 billion tranche under the ongoing IMF loan programme.

The upcoming review will take place alongside the annual meetings of the IMF and World Bank, scheduled from October 13 to 18 in Washington.

During the visit, Pakistan’s delegation — including the Finance Secretary and Governor of the State Bank — will meet IMF Managing Director Kristalina Georgieva, senior World Bank and IFC officials, and representatives from global rating agencies.

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Officials said the Ministry of Finance is finalizing the visit schedule, with policy discussions to address outstanding issues left unresolved in the previous round of talks.

Previous round ended without staff-level deal

Earlier, the second half-yearly economic review between Pakistan and the IMF ended without a staff-level agreement, despite what both sides described as “constructive and positive” discussions.

A joint statement had acknowledged Pakistan’s strong implementation of IMF programme conditions, but the lender urged the government to take additional measures to ensure fiscal discipline, strengthen governance, and sustain macroeconomic stability.

The IMF also called for maintaining a tight monetary policy to contain inflation, continuing regular tariff adjustments, and advancing energy sector reforms to reduce losses.

Policy reforms and pending conditions

Discussions also focused on tax and governance reforms, including the abolition of tax-free car import schemes and stricter implementation of baggage, gift, and residence transfer policies.
The IMF has reportedly asked Pakistan to obtain Economic Coordination Committee (ECC) approval for the new measures later this month.

Sources revealed that differences persist over the governance and corruption report, with the IMF pressing for greater transparency and accountability among government officers. Recommendations under review include mandatory asset disclosures for civil servants in grades 17–22 and their families, alongside proposed amendments to the Civil Servants Act, Election Act, NAB Ordinance, and FIA Act.

Officials at the Ministry of Finance remain hopeful that the next round of talks will lead to a breakthrough and unlock the pending tranche.
If an agreement is reached, Pakistan could receive the $1.2 billion disbursement after approval from the IMF Executive Board later this year.

The delegation’s meetings in Washington are also expected to shape Pakistan’s broader engagement with international financial institutions as the country continues efforts to stabilize its economy and attract foreign investment.