Pakistan receives $4.1bn under IMF programme, misses some key targets

September 24, 2026 (MLN): Pakistan has received $4.1 billion from the International Monetary Fund (IMF) under its current loan program, while the government has generally met the program’s conditions despite missing some targets, Finance Secretary Imdad Ullah Bosal told the National Assembly Standing Committee on Finance on Thursday.

Bosal briefed the committee, chaired by Syed Naveed Qamar, on the implementation of the IMF program.

He said three reviews of the loan program had been completed, adding that the program was designed to strengthen Pakistan’s foreign exchange reserves and improve the country’s ability to meet external debt obligations.

The finance secretary said the IMF program had provided significant support for debt repayments and had also helped Pakistan make progress on tax reforms while easing pressure on external payments.

Bosal said the government would continue efforts to increase tax collection under the IMF program.

He said several tax concessions had been withdrawn as part of the reform process, while restrictions had also been introduced on the issuance of supplementary grants.

According to Bosal, implementation of the existing IMF program conditions was generally satisfactory, although some targets remained unmet.

He identified circular debt as a key area where targets had not been achieved.

The finance secretary said Pakistan had made limited progress toward the IMF’s targets concerning energy-sector circular debt.

However, he said the government was keeping circular debt within the specified limit.

Bosal added that the IMF had also set targets for reducing losses of state-owned enterprises, with the government making significant efforts to meet those targets.

He acknowledged that targets related to education spending had not been fully achieved.

He also said expenditure on education and health could not be met in full.

The committee also held a detailed discussion on the declaration and disclosure of assets by government officials.

Qamar raised concerns over what he described as considerable resistance to the disclosure of officials’ assets.

Finance Ministry officials told the committee that the Federal Board of Revenue would provide certain details of officials’ assets to the Establishment Division.

The Establishment Division would examine unusual asset holdings and take disciplinary action against officials where necessary, officials said.

Bosal said there had been no obstruction to the declaration of officials’ assets.

Former finance minister Hina Rabbani Khar, however, questioned the decision to protect some information relating to officials’ assets on security grounds.

Khar pointed out that parliamentarians are required to declare all their assets and questioned the different treatment of officials’ asset disclosures.

Committee member Javed Hanif asked officials to provide details of the security concerns being cited as a reason for withholding information about officials’ assets.

Bosal said the Establishment Division would respond to those questions, adding that the relevant rules had been prepared by the division.

The committee was informed that certain asset information would be provided to the Establishment Division, while information considered sensitive on security grounds could be withheld from public disclosure.

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