The International Monetary Fund (IMF) has expressed satisfaction with the economic briefing provided by State Bank of Pakistan (SBP) officials as the latest review of Pakistan’s program moves into its policy-level phase.

The IMF mission held discussions with SBP officials and the Sindh government during its three-day stay in Karachi. The mission is now expected to travel to Islamabad for talks with Pakistan’s economic team.

Sources said SBP officials briefed the IMF delegation on foreign exchange reserves, monetary policy, imports and foreign exchange market developments.

The central bank also informed the mission that Pakistan had met its target of maintaining foreign exchange reserves above $17 billion.

The discussions also covered the country’s current account position and developments in foreign direct investment. The IMF mission expressed satisfaction with the briefing, according to sources.

The Sindh government separately briefed the mission on its finances and contribution to the federal surplus. Officials said provincial tax revenue stood at Rs593 billion by June 30, while non-tax revenue had more than doubled to over Rs80 billion.

Formal policy-level negotiations between Pakistan and the IMF are scheduled to begin in Islamabad on Monday as part of the fourth review under the country’s Extended Fund Facility.