IMF Executive Board to review Pakistan’s EFF Program on May 9

April 29, 2025 (MLN): The International Monetary Fund (IMF) has scheduled Pakistan’s case for review on May 9, 2025, according to the latest Executive Board calendar update.

The agenda includes the First Review under the Extended Fund Facility (EFF), along with Pakistan’s request for a modification of performance criteria and a new arrangement under the Resilience and Sustainability Facility (RSF).

This crucial meeting will determine the release of the next tranche of funding under the EFF program and evaluate Pakistan’s broader efforts to enhance economic stability and resilience against climate-related challenges.

The decision is pivotal for Pakistan as it seeks continued IMF support amid its ongoing economic reform process and aims to secure additional financing under the RSF to bolster sustainable growth initiatives.

Approval from the Executive Board would pave the way for the disbursement of a $1 billion tranche under the Extended Fund Facility (EFF) program, which Pakistan secured in 2024. The IMF-supported program has been instrumental in stabilizing Pakistan’s fragile economy by providing essential external financing and strengthening market confidence.

In July 2024, Pakistan and the IMF had agreed to a three-year, $7 billion bailout package aimed at consolidating macroeconomic stability and fostering conditions for stronger, more inclusive, and sustainable growth.

The ongoing 37-month EFF arrangement is structured around six reviews throughout its duration, with the upcoming $1 billion disbursement dependent on the successful completion of the performance evaluation.

Earlier in March, Pakistan and the IMF had successfully concluded the first biannual review of the $7 billion program, achieving a positive outcome without the introduction of any additional revenue measures.

Following the review, IMF mission chief Nathan Porter noted in a statement that program implementation had been robust, with significant progress achieved in key areas such as planned fiscal consolidation to sustainably reduce public debt, maintaining tight monetary policy to curb inflation, and advancing reforms to enhance the viability of the energy sector by reducing costs.

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