IMF opens fourth review of Pakistan's $7bn EFF and third RSF review

Finance minister Muhammad Aurangzeb met an International Monetary Fund mission led by Iva Petrova on Tuesday to open the fourth review of Pakistan's $7bn Extended Fund Facility and the third review of the Resilience and Sustainability Facility, according to the Ministry of Finance. The ministry said the discussions covered key issues related to the programme reviews. Completion of both reviews could unlock about $1.2bn in combined EFF and RSF disbursements.

The mission had earlier met senior State Bank of Pakistan officials in Karachi to discuss monetary policy, inflation and the exchange rate, before the talks moved to Islamabad.

In the capital, officials also briefed the mission on the digitisation of asset declarations for around 10,000 federal civil servants, who must submit their declarations by 30 October, according to the source material.

Officials at the Federal Board of Revenue said disruptions linked to the Strait of Hormuz had caused an estimated Rs144bn revenue loss by affecting fuel prices and economic activity. Despite the shortfall, the FBR expressed confidence that it would meet its first-quarter revenue target of Rs3.053trn by 30 September. A headline carried alongside the ministry's statement said banks in Pakistan would extend working hours until 10pm on 30 September.