The International Monetary Fund (IMF) has placed 11 new structural benchmarks on Pakistan, which include preparing and publishing a comprehensive 3–5 year tax reform strategy, publicly disclosing the assets of senior federal civil servants, and creating an action plan to reduce corruption risks in specific departments. These details are part of the Fund’s recently issued report related to the second review under the Extended Fund Facility (EFF) and the Resilience and Sustainability Facility (RSF).
According to the report, Pakistan has implemented 8 out of 13 structural benchmarks, including approving the FY2026 budget in line with program targets, enforcing agricultural income tax, and amending the Civil Servants Act to enhance transparency of senior officials’ assets.
According to available information, the IMF has set 11 new structural benchmarks in total. In the financial sector, the government has been instructed to prepare a detailed reform roadmap by December 2025, covering reform priorities, implementation timelines, staffing needs, revenue projections, and performance indicators. By March 2026, the government must complete measures to improve FBR’s performance under this roadmap. Similarly, preparing and publishing the 3–5 year tax reform strategy by December 2026 has also been made mandatory.
Governance-related benchmarks include publishing the asset details of senior civil servants on the government website by December 2026, and issuing a practical plan to counter corruption risks in relevant departments by October 2026.
Monetary and financial sector directives require completing a detailed assessment of remittance costs and barriers to cross-border payments by May 2026, and preparing a plan to enhance sustainable foreign exchange inflows. By September 2026, a study and strategy must be published to address obstacles to improving the local currency bond market. In the energy sector, the government must finalize conditions related to private-sector participation in HESCO and SEPCO by December 2026 to improve the performance of distribution companies.
Public-sector benchmarks include signing Public Service Obligation (PSO) agreements with seven major public service enterprises by June 2026 to ensure transparency and accurate cost assessments. Trade, investment, and deregulation targets require the government to approve a national policy for sugar market liberalization, prepare amendments to the Companies Act, and publish a concept note on proposed reforms to the Special Economic Zones Act.
The report notes that Pakistan has complied with continuous benchmarks as well, including avoiding unapproved additional expenditures and keeping the gap between interbank and open-market exchange rates within limits. Some benchmarks faced delays and have been assigned new deadlines, while a few could not be completed due to seasonal and administrative reasons.
The IMF stated that Pakistan has successfully implemented the carbon levy and the electric vehicle subsidy plan. Authorities have assured that remaining reforms will also be completed within the newly agreed timelines.
