Pakistan achieved 14 of the 17 quantitative and indicative targets set under its IMF program for the end of December 2025, keeping the country on course for a possible $1.2 billion loan tranche next month.
The IMF has briefed its Executive Board and shared its review ahead of an expected board meeting in May 2026 for the fourth disbursement under Pakistan’s $7 billion Extended Fund Facility.
Among the missed targets, the Federal Board of Revenue (FBR) failed to meet its net tax collection goal of Rs. 6.161 trillion by December 2025. Data was also unavailable for two other targets, including income tax collected from retailers and the goal of adding 500,000 new tax return filers.
Despite these shortfalls, Pakistan met most key fiscal, monetary, and social sector benchmarks.
The IMF said the State Bank of Pakistan achieved its adjusted net international reserves target, revised from negative $5.6 billion to negative $6.99 billion. The ceiling on the general government’s primary budget deficit of Rs. 4.1 trillion was also successfully met.
Benazir Income Support Programme cash transfers reached Rs. 326 billion in line with commitments, while combined spending on health and education totaled Rs. 1.36 trillion by December.
Other achieved targets included limits on government guarantees, SBP net domestic assets, and the central bank’s foreign currency swap and forward position.
Officials also said zero direct SBP credit was extended to the government, while targets related to external payment arrears, provincial revenues, tax refund arrears, and power-sector repayment arrears were also met.
Provincial tax authorities collected Rs. 568 billion in consolidated revenues, while the provincial primary balance target of Rs. 1.227 trillion remained part of the review framework.
