巴基斯坦：根据扩展基金机制下的扩展安排进行第二次审查，根据弹性和可持续性机制进行第一次审查，请求放弃不遵守绩效标准，以及修改绩效标准新闻稿（英）

PAKISTAN SECOND REVIEW UNDER THE EXTENDEDARRANGEMENTUNDER THE EXTENDED FUND FACILITY, FIRST REVIEWUNDER THE RESILIENCE AND SUSTAINABILITY FACILITY,REQUEST FOR A WAIVER OF NONOBSERVANCE OF APERFORMANCE CRITERION, AND MODIFICATION OFPERFORMANCE CRITERIA—PRESS RELEASE;STAFFREPORT;AND STATEMENT BY THE EXECUTIVE DIRECTORFORPAKISTAN In the context of theSecond Review Under the Extended Arrangement Under theExtended Fund Facility, First Review Under the Resilience and Sustainability Facility,Request for a Waiver of Nonobservance of a Performance Criterion, and Modification ofPerformance criteria, the following documents have been released and are included in thispackage: •APress Releaseincluding a statement by the Chair of the Executive Board. •TheStaff Reportprepared by a staff team of the IMF for the Executive Board’s considerationonDecember 8, 2025, following discussions that ended onOctober 8, 2025, with the officialsofPakistanon economic developments and policies. Based on information available at thetime of these discussions, the staff report was completed onNovember 20, 2025. •AStaff Supplementupdating information on recent developments. •AStatement by the Executive DirectorforPakistan. TheIMF’s transparency policy allows for the deletion of market-sensitive information andpremature disclosure of the authorities’ policy intentions in published staff reports andother documents. Copies of this report are available to the public from International Monetary Fund•Publication ServicesPO Box 92780•Washington, D.C. 20090Telephone: (202) 623-7430•Fax: (202) 623-7201E-mail:publications@imf.org Web:http://www.imf.org International Monetary FundWashington, D.C. IMF Executive Board Completes Second Review of theExtended Arrangement under the Extended Fund Facility andFirst Review of the Arrangement under the Resilience andSustainability Facility with Pakistan FOR IMMEDIATE RELEASE •The IMF Executive Board completed the second review of the Extended Arrangementunder the Extended Fund Facility (EFF), allowing the authorities to draw the equivalent ofabout US$1 billion, and the first review of the arrangement under the Resilience andSustainability Facility (RSF), allowing the authorities to draw the equivalent of aboutUS$200 million. The authorities’ strong program implementation, despite the recentdevastating floods, has maintained stability and improved financing and external conditions. •Policy priorities remain centered on maintaining macroeconomic stability and advancingreforms to strengthen public finances, enhance competition, raise productivity andcompetitiveness, bolster the social safety net and human capital, reform SOEs, andimprove public service provision and energy sector viability. •The recent floods highlight the urgency of moving swiftly on climate-related reforms to buildresilience to the frequent natural disasters that Pakistan faces. The authorities are makingprogress on such reforms, supported by the RSF. Washington, DC–December 8, 2025:Today, the Executive Board of the InternationalMonetary Fund (IMF) completed the second review of Pakistan’s economic reform programsupported by the EFF and the first review of Pakistan’s program supported by the RSF. Thisdecision allows for an immediate disbursement of around US$1 billion (SDR 760 million)under the EFF and around US$200 million (SDR 154 million) under the RSF, bringing totaldisbursements under the two arrangements to about $3.3 billion (SDR 2,434 billion). Pakistan’s 37-month EFF was approved on September 25, 2024, and aims to build resilienceand enable sustainable growth. Key priorities include (i) entrenching macroeconomic stabilitythrough consistent implementation of sound macro policies, including rebuilding internationalreserve buffers and broadening the tax base; (ii) advancing reforms to strengthen competitionand raise productivity and competitiveness; and (iii) reforming SOEs and improving publicservice provision, developing human and physical capital, and restoring energy sector viability. Pakistan’s policy efforts under the EFF have delivered significant progress in stabilizing theeconomy and rebuilding confidence amid a challenging global environment and recent severefloods. Fiscal performance has been strong, with a primary surplus of 1.3 percent of GDPachieved in FY25, in line with targets. Inflation has increased, reflecting the impact of thefloods on food prices, but this is expected to be temporary. Gross reserves stood at $14.5billion at end-FY25, up from $9.4 billion a year earlier, and are projected to continue to berebuilt in FY26 and over the medium term. The 28-month RSF was approved on May 9, 2025, and is supporting the authorities’ efforts toreduce vulnerabilities to natural disasters and to build economic and climate resilience. The authorities’ program: (i) prioritizesbuildingresilience to natural disasters and strengtheningpublic investment processes at all levels of government; (ii) makingscarce water res