Finance Minister Muhammad Aurangzeb announced on Wednesday that an International Monetary Fund (IMF) mission will visit Pakistan at the end of September for the next review under the $7 billion Extended Fund Facility (EFF).
The review’s successful completion is expected to unlock the program’s third tranche of $1 billion.
Aurangzeb confirmed that preparations for the review have been finalized, noting that Pakistan has so far received $2.1 billion from the 37-month facility.
On privatization, the minister revealed that Pakistan International Airlines (PIA) has reopened its routes to Europe and the United Kingdom, attracting interest from several major bidders.
While acknowledging operational improvements, he cautioned that restructuring loss-making state-owned enterprises — which collectively account for Rs6 trillion in losses — will be a gradual process. Currently, 24 such entities are on the privatization list, with governance reforms already underway.
Aurangzeb further highlighted that civil service pension reforms have been introduced, rightsizing is ongoing across 43 ministries and more than 400 departments, and privatization efforts will gain momentum this year.
He also pointed out that debt servicing costs fell by Rs1 trillion in the last fiscal year.
