The second round of economic review talks between Pakistan and the International Monetary Fund (IMF) is underway as the government seeks the next $1.2 billion tranche.
While officials in Islamabad describe the discussions as “positive and constructive,” the IMF mission has flagged concerns over unfulfilled reform commitments and targets, and legislative delays.
IMF flags missed reform targets
According to official documents, Pakistan was required to amend laws in at least 10 government institutions by June this year under the Memorandum of Economic and Financial Policies. However, the deadline was missed, and the IMF has asked for an explanation.
The pending reforms include critical legislation for the Ministry of IT, Commerce, Maritime Affairs, Railways, and Water Resources. Specific laws left incomplete are:
- Port Qasim Authority Act and Gwadar Port Ordinance
- Karachi Port Trust Act 1980 (amendment not completed)
- Pakistan Telecom Reorganization Act (draft not shared)
- State Life Insurance Nationalization Order (still under review)
- WAPDA Act (changes postponed)
- Pakistan Railways Act 1890 (consultations ongoing)
- Exim Bank Act (draft prepared but pending approval)
- National Bank Act (amendment tied to Sovereign Wealth Fund Act)
IMF pushes for stronger export financing
Beyond legal reforms, the IMF also emphasized strengthening trade and export financing schemes to boost Pakistan’s foreign trade performance. The mission highlighted the importance of improving credit flows and supporting priority sectors.
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