Islamabad (GNP): An International Monetary Fund (IMF) review mission is expected to visit Pakistan in September to conduct the fourth review of the country’s $7 billion Extended Fund Facility (EFF), with a senior Finance Division official saying the exact dates have not yet been finalised.
The review is expected to focus on Pakistan’s progress in meeting structural conditions under the IMF program, including proposed amendments to the Pakistan Sovereign Wealth Fund (SWF) law, with the government having introduced the Pakistan Sovereign Wealth Fund (Amendment) Bill, 2026 in the Senate to strengthen the fund’s governance structure and fiscal safeguards.
According to officials, the proposed SWF amendments would clarify the fund’s legal mandate as a holding company, strengthen its governance and accountability framework, and ensure that state-owned enterprises (SOEs) under its control remain subject to the same standards applied to other SOEs.
The amendments also seek to establish transparent and competitive procedures for divestment and procurement while introducing additional safeguards against fiscal risks, building on broader SOE-related reforms the mission is expected to review, including six amendments already proposed to SOE-specific laws and a requirement to advance legislation for three remaining SOEs by the end of August.
Progress on transparency measures has continued alongside this legislative work. Most commercial SOEs have published business plans, statements of corporate intent, and financial statements prepared under International Financial Reporting Standards (IFRS), with the now fully staffed Central Monitoring Unit tasked with overseeing the quality of this reporting.
Authorities are also working to incorporate public service obligation agreements for the seven largest SOEs into the FY2027 budget, reinforcing the broader governance framework the fourth review will assess.
That review will further examine implementation of the Governance and Anti-Corruption Diagnostics (GCD) Assessment Report, which underpins the Prime Minister’s Economic Governance Reform (EGR) Plan published by the government.
The plan sets out 15 reform actions with defined performance indicators, deadlines, and monitoring mechanisms, supported by an institutional framework to oversee implementation and coordination with stakeholders including civil society organisations, alongside a government commitment to publish semi-annual progress reports.
Anti-corruption measures form another key strand of the reform agenda. Revised Civil Servants (Conduct) Rules are expected to enable online publication of asset declarations by senior federal officials by the end of December 2026, alongside new provisions on confidential personal information and risk-based verification.
Authorities also plan to submit amendments to the National Accountability Bureau (NAB) Ordinance to parliament to strengthen the bureau’s transparency and independence, including changes to how its chairman is appointed, with investigation and prosecution rules and annual enforcement statistics due for publication by the end of January 2027.
A separate Anti-Corruption and Anti-Money Laundering/Countering Financing of Terrorism Committee is developing a methodology to guide NAB’s corruption-risk reduction action plan, targeted for completion in October 2026.
Taken together, the September review is expected to serve as a significant test of Pakistan’s progress under the IMF program, with structural reforms, SOE governance, fiscal safeguards, and anti-corruption measures all set to come under close scrutiny.
Managing Editor at Global News Pakistan (GNP), with a Bachelor's degree in International Relations from Riphah International University, graduated with a Gold Medal. Reach out at sabahtareengnp@gmail.com
