# IMF opens fourth review in Karachi: $1bn and $200m ride on these talks

Source: Searchable (https://searchable.pk/news/economy/imf-opens-fourth-review-in-karachi-dollar1bn-and-dollar200m-ride-on-these-talks)
Type: News article
Author: Searchable Editorial
Published: 23 Sept 2026
Updated: 25 Sept 2026
Retrieved: 30 Sept 2026

> An IMF team led by Iva Petrova has started the fourth Extended Fund Facility review with Pakistani authorities. Approval releases about $1 billion, plus $200 million under the climate facility.

An International Monetary Fund team led by Iva Petrova began review talks with Pakistani authorities on Wednesday, with the first sessions held at the State Bank of Pakistan in Karachi. The mission covers three things at once: the fourth review under the Extended Fund Facility, the third review under the Resilience and Sustainability Facility, and the Article IV consultation the Fund runs with member countries.

"An IMF team led by Iva Petrova has started discussions with the Pakistani authorities on the review under the Extended Fund Facility and Resilience and Sustainability Facility, alongside the Article IV Consultation," said Mahir Banici, the Fund's Resident Representative in Pakistan.

## What is actually on the table

The EFF is a 37-month, $7 billion arrangement approved in September 2024. The RSF, the Fund's climate window, is a 28-month arrangement worth $1.3 billion, agreed at staff level on 25 March 2025. Pakistan has drawn about $4.8 billion between the two so far.

If this review is completed, roughly $1 billion comes in under the EFF and $200 million under the RSF. That is not the whole point of the exercise for a household, though. A completed review is also what keeps the rest of the external plumbing moving: rollovers from bilateral lenders, pricing on any new Eurobond or Panda bond, and the confidence the market puts behind the rupee.

## Why it shows up in your bills

Fund reviews are where the numbers behind your utility bill, your fuel receipt and your tax slab get argued over. Three of those numbers are sitting at these levels as the mission opens:

- Petrol is Rs 392.05 a litre and diesel Rs 418.96 after the 22 September notification. See [petrol price](/data/petrol-price) and [diesel price](/data/diesel-price).
- The SBP policy rate is 11.5 percent, which is what sets your car and home loan pricing. See [the policy rate series](/data/sbp-policy-rate).
- The rupee closed at 277.20 to the dollar on Wednesday, a gain of one paisa. See [the dollar rate](/data/usd-pkr).

The other live variable is electricity. On the same day the mission opened, the Power Division ordered a technical audit of every distribution company to map power theft and line losses, which is the sort of structural fix the Fund asks about at every review.

## What to watch next

Watch for a staff-level agreement statement at the end of the mission, which is the point at which the conditions become public, and then a date for the IMF Executive Board. Until the Board approves, no money moves.

If you want to see what a change in tax rates or tariffs would do to your own numbers, our [income tax calculator](/tools/tax/income-tax-calculator) and [electricity bill calculator](/tools/utilities/electricity-bill-calculator) run on the current notified rates.

## Frequently asked questions

**How much money does Pakistan get if the fourth IMF review is approved?**

About $1 billion under the Extended Fund Facility and $200 million under the Resilience and Sustainability Facility. Nothing is disbursed until the IMF Executive Board approves the review.

**How much has Pakistan received under these two IMF arrangements so far?**

About $4.8 billion across the $7 billion EFF approved in September 2024 and the $1.3 billion RSF agreed at staff level in March 2025.

## Sources

- Pakistan, IMF kick-off review talks (Business Recorder): https://www.brecorder.com/news/40440847/pakistan-imf-kick-off-review-talks
- IMF delegation begins talks with State Bank in Karachi (ARY News): https://arynews.tv/imf-delegation-begins-talks-with-state-bank-in-karachi
- Intra-day update: rupee records gain against US dollar (Business Recorder): https://www.brecorder.com/news/40440854/intra-day-update-rupee-records-gain-against-us-dollar

How to cite: "IMF opens fourth review in Karachi: $1bn and $200m ride on these talks", Searchable, 25 Sept 2026, https://searchable.pk/news/economy/imf-opens-fourth-review-in-karachi-dollar1bn-and-dollar200m-ride-on-these-talks