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PM Shehbaz vows to expedite institutional reforms as IMF lauds economic progress

Prime Minister Shehbaz Sharif on Thursday held a meeting with an International Monetary Fund (IMF) delegation and reaffirmed his government’s commitment to fast-track institutional reforms alongside macroeconomic stabilisation, asserting that Pakistan was now firmly on the path to economic development.

The meeting with the IMF delegation, led by the Fund’s Director of the Middle East and Central Asia Department Jihad Azourat the PM’s Office, took place as Pakistan gears up to present the budget for the fiscal year 2025-26 on June 2.

“Pakistan is now moving from economic stability toward sustainable growth,” the prime minister said, emphasising that the government’s top priority was not only to sustain macroeconomic gains but to expedite comprehensive institutional reforms, crucial for long-term resilience.

The meeting focused on discussions related to the implementation and progress of the ongoing IMF programme in Pakistan. Both sides expressed satisfaction over the economic reforms undertaken by the government and their accruing positive outcomes.

The IMF delegation acknowledged the progress under the reform agenda and assured of continued support to assist Pakistan’s efforts for economic stability and inclusive growth.

The meeting was also attended by key cabinet members including Finance Minister Muhammad Aurangzeb, Minister for Planning, Development, and Reforms, Ahsan Iqbal, and senior officials.

The IMF earlier this month approved the immediate disbursement of about $1 billion to Pakistan under the ongoing Extended Fund Faci­li­ty (EFF) and allowed an additional arrangement for the $1.4bn Resilience and Sus­tainability Facility (RSF).

In a statement, the IMF said its Executive Board completed the first review of Pakistan’s economic reform programme supported by the EFF Arrangement.

“This decision allows for an immediate disbursement of around $1bn (SDR or special drawing rights 760 million), bringing total disbursements under the arrangement to about $2.1bn (SDR 1.52bn). In addition, the IMF Executive Board approved the authorities’ request for an arrangement under the RSF, with access of about $1.4bn (SDR 1bn),” it said.

It noted that Pakistan’s policy efforts under the EFF had already delivered “significant progress” in stabilising the economy and rebuilding confidence, amidst a challenging global environment.

“Fiscal performance has been strong, with a primary surplus of two per cent of gross domestic product achieved in the first half of FY25, keeping Pakistan on track to meet the end-FY25 target of 2.1pc of GDP. Inflation fell to a historic low of 0.3pc in April, and progress on disinflation and steadier domestic and external conditions, have allowed the State Bank of Pakistan to cut the policy rate by a total of 1100 bps since June 2025. Gross reserves stood at $10.3bn at end-April, up from $9.4bn in August 2024, and are projected to reach $13.9bn by end-June 2025 and continue to be rebuilt over the medium term.”

Meanwhile, it said the RSF would support the authorities’ efforts to reduce vulnerability to natural disasters and build economic and climate resilience.



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