IMF Mission Expected in Pakistan Next Month for Fourth $7 Billion EFF Review
- IMF mission is expected to visit Pakistan in September for the fourth EFF review.
- Sovereign Wealth Fund and state-owned enterprise reforms are likely to be examined.
- Governance and anti-corruption measures will also form a key part of the review.
An International Monetary Fund (IMF) mission is expected to visit Pakistan next month for the fourth review of the country’s $7 billion Extended Fund Facility (EFF), with discussions set to focus on economic governance, state-owned enterprises and anti-corruption reforms.
The review is expected to take place in September, although the final schedule for the IMF mission has yet to be confirmed.
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During the review, the IMF is expected to assess Pakistan’s progress on structural and governance commitments under the programme, including proposed changes to the legal framework of the Pakistan Sovereign Wealth Fund (SWF).
The Pakistan Sovereign Wealth Fund (Amendment) Bill 2026 has already been introduced in the Senate. The proposed legislation is aimed at strengthening the fund’s governance structure and introducing additional safeguards related to public finances.
Under the proposed amendments, the SWF’s legal status as a holding company would be clearly defined. State-owned enterprises under the fund would also be required to comply with governance and accountability standards applicable to other state-owned entities.
The proposed framework also calls for procurement and divestment involving SWF assets to be conducted through transparent and competitive procedures.
Separately, the government has proposed changes to legislation governing state-owned enterprises, submitting six amendments to Parliament. Authorities are also working to complete the remaining legislative requirements involving three SOEs by the end of August.
Several commercial state-owned enterprises have already published their business plans, statements of corporate intent and financial statements prepared in accordance with International Financial Reporting Standards (IFRS).
The fully staffed Central Monitoring Unit has been assigned responsibility for closely reviewing the quality of these disclosures and monitoring SOE reporting.
The government is also working to incorporate public service obligation agreements for the seven largest state-owned enterprises into the federal budget for fiscal year 2026-27.
Governance and anti-corruption reforms are expected to form another major component of the upcoming IMF review.
The Fund is likely to assess progress on recommendations contained in the Governance and Anti-Corruption Diagnostics (GCD) assessment. In response to those recommendations, the government has prepared the Prime Minister’s Economic Governance Reform Plan.
The plan contains 15 reform measures supported by performance indicators, implementation timelines and monitoring mechanisms.
Authorities have established an institutional framework to implement the reforms and have begun engaging stakeholders, including civil society organisations, through policy discussions. Progress reports are also expected to be published twice a year.
Another reform involves greater transparency in the assets of senior federal government officials. Under revised Civil Servants (Conduct) Rules, their asset declarations are expected to be made available online by the end of December 2026.
Further changes are planned to provide limited exemptions for confidential personal information while introducing a system for timely, risk-based verification of asset declarations.
The government also intends to amend the National Accountability Bureau (NAB) Ordinance to strengthen transparency and improve the process for appointing the NAB chairman. The proposed amendments are expected to be presented before Parliament.
NAB is also expected to publish its investigation and prosecution rules, along with annual enforcement statistics, by the end of January 2027.
As part of wider anti-corruption efforts, the Anti-Corruption and AML/CFT Committee is expected to develop a methodology for assessing corruption risks by the end of October 2026.
The framework is intended to help NAB prepare an action plan for identifying and addressing corruption risks across government institutions as Pakistan continues implementing governance reforms linked to its IMF programme.
