Pakistan is set to begin negotiations for the third economic review with the International Monetary Fund (IMF) later this month, as an IMF review mission is scheduled to visit the country on 25 February. The delegation will evaluate Pakistan’s economic performance and progress on key targets from July to December 2025, including tax reforms, energy sector improvements, monetary policy measures, and foreign exchange reserves. According to Ministry of Finance sources, the government successfully achieved its primary budget surplus, provincial cash surplus, and provincial tax targets; however, the overall tax collection target for the six-month period fell short by PKR 32.9 billion. The Federal Board of Revenue (FBR) collected PKR 6,161 billion in taxes during this period, while collections under the Tajirdost scheme and from retailers remained below expectations. Provincial governments generated a cash surplus of PKR 1,179 billion and collected over PKR 568 billion in taxes between July and December. Pakistan is also expected to receive an additional USD 3.7 billion under semi-annual IMF reviews by 2027, subject to compliance with economic reform targets.