The Executive Board of the International Monetary Fund is expected to consider Pakistan’s Staff-Level Agreement (SLA) next month, a key step that could unlock around $1.2 billion in fresh financing under the country’s ongoing economic support programme, sources told ProPakistani.
According to officials familiar with the process, Pakistan’s loan review is likely to be added to the IMF Executive Board calendar for May 2026 within the coming two weeks.
The Staff-Level Agreement was reached on March 28 after the successful completion of the third review under the Extended Fund Facility (EFF) and the second review of the Resilience and Sustainability Facility (RSF), marking continued progress in Pakistan’s reform commitments.
Finance Minister Muhammad Aurangzeb is currently in Washington, D.C. attending the Spring Meetings of global financial institutions, where he held detailed discussions with IMF and World Bank officials alongside representatives from major partner countries and credit rating agencies.
Talks focused on Pakistan’s economic stabilisation trajectory, implementation of structural reforms, fiscal discipline, and the country’s external financing outlook. The finance minister earlier indicated that the IMF Board could meet in mid-May to formally review and potentially approve the agreement, clearing the way for the next tranche.
An IMF mission initially arrived in Islamabad on February 25 for programme negotiations but later shifted to virtual engagements due to regional security developments, before finalising the SLA in late March. Another IMF delegation is expected to visit Pakistan in May for pre-budget consultations, a standard requirement under Fund programmes.
Under IMF arrangements, funds are released in phases following successful performance reviews and Board approval. Pakistan’s current EFF programme is scheduled to run through 2027, subject to completion of remaining assessments.
Officials said Islamabad has yet to decide whether it will seek a successor IMF programme after the existing arrangement concludes, with internal policy consultations still underway.
During his Washington visit, Aurangzeb also met senior officials from the United States, United Kingdom, Japan, multilateral lenders, and international investors. Discussions with US Treasury representatives centred on macroeconomic stability, external account management, investment climate reforms, regulatory improvements, and cooperation in energy, minerals, and financial transparency frameworks.
