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There is no confirmed sign-off date this week. The News reported on October 3, 2026, that an IMF review mission had shared a first draft of the Memorandum of Financial and Economic Policies (MEFP) with Pakistan’s authorities. The sides were still negotiating toward a possible staff-level agreement, and the mission’s stay in Islamabad was described only as likely to extend until around the middle of the following week. That report describes a draft and ongoing talks—not a completed deal.
What has happened—and what has not
According to The News’ October 3 report, the visiting IMF review mission shared the first draft of the MEFP with Pakistani authorities. The parties were expected to negotiate the document to try to build consensus toward a staff-level agreement (SLA).
The distinction matters: sharing a draft means proposals are under discussion. It does not establish that Pakistan has accepted the terms, that negotiations are complete, or that funds have been released. The October report does not provide the draft text, enumerate its conditions, or give a date for sign-off. The handover itself is reported by The News; the official IMF releases cited below do not independently confirm it.
Will Islamabad sign off this week?
The available reporting does not support a prediction that Pakistan will sign off this week. The News said the mission was expected to remain in Islamabad for a few more days, probably until the middle of the following week. It also said discussions could continue virtually if the parties failed to reach consensus before the mission left. The word “probably” makes the schedule tentative, and the report announced no sign-off deadline.
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Pakistan’s government separately said Prime Minister Shehbaz Sharif met IMF Managing Director Kristalina Georgieva in New York on September 23, 2026, and reaffirmed the government’s commitment to the IMF-supported reform programme. That is diplomatic context, not confirmation of the draft handover or an agreement on its terms. (Government of Pakistan, September 23, 2026.)
Why a draft is not an IMF deal
The process has distinct milestones, and each has a different consequence:
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| Stage | Status in this report | What it means |
|---|---|---|
| Draft MEFP circulated | Reported by The News on October 3, 2026; not independently confirmed in the official releases cited here | Proposals are being discussed. Circulation alone does not show that the authorities have agreed. |
| Staff-level agreement | A possible next milestone; negotiations were still under way | A negotiated understanding between staff and the authorities. It is not final IMF approval. |
| Executive Board approval | Not reported as completed for the October negotiations | A separate Board decision is required before the related financing is authorized. |
The IMF made that procedural distinction explicit after Pakistan reached an SLA on earlier reviews in March 2026: “The staff-level agreement is subject to approval by the IMF Executive Board.” (IMF, March 28, 2026.) In May, the IMF reported that its Board had completed Pakistan’s third review under the Extended Fund Facility (EFF) and second review under the Resilience and Sustainability Facility (RSF), authorizing access to approximately US$1.1 billion under the EFF and approximately US$220 million under the RSF. Those amounts followed Board action on the earlier reviews; they are not funds promised by the October draft. (IMF, May 8, 2026.)
The reported sticking point: power-sector circular debt
The News identified power-sector circular debt as a difficulty in the talks. It reported that the debt stood at Rs1,675 billion at the end of June 2026, above an agreed target. The report did not state the target amount, and the figure should be treated as reported by The News—not as an independently confirmed IMF statistic. It also does not establish that circular debt is the only unresolved issue or explain what the draft proposes to address it.
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Pakistan’s 37-month EFF arrangement was approved in September 2024, according to the IMF’s May 8, 2026 release. In a separate May staff-visit statement, the IMF said discussions included economic developments, disruptions from the Middle East conflict, preparation of the FY2027 budget, and progress on the EFF and RSF reform agendas. The IMF said Pakistani authorities reaffirmed a FY2027 primary-surplus target of 2 percent of GDP. These are prior programme details, not evidence that the October draft contains the same or any particular conditions. (IMF, May 20, 2026.)
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What to watch next
- Whether the parties announce an SLA: this would mark agreement at the staff level, not completion of the IMF approval process.
- Whether an official statement clarifies the circular-debt issue: The News reported a breach but did not supply the target amount or the draft’s proposed response.
- Whether the IMF Executive Board later acts: Board approval is a separate step and is the milestone associated with authorization of financing.
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