New Delhi. For Pakistan, the economic program of the International Monetary Fund (IMF) is no longer just a matter of loans and installments. If Pakistan wants to get this package, then it will have to make major legal and policy changes in the country's system. Pakistan Finance Secretary Imdadullah Bosal told the Finance Committee of the National Assembly that not 2-4 but about 174 legal amendments will have to be passed by the Parliament to meet the conditions of the IMF. It includes such conditions which will not be easy for the Shahbaz government to pass but they have no other option.
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Actually, the scope of these changes is quite large. These include important areas like tax system, energy sector, government companies, subsidies, governance, sovereign wealth fund, sugar market and financial management. The government is preparing to place these proposed amendments before the Parliament. The Government of Pakistan has already taken some steps related to IMF. These include eliminating many tax exemptions and banning the issuance of additional grants to government departments. Expanding the tax base, strengthening government finances and reducing unnecessary government interference in economic activities are also major goals of the IMF's comprehensive program.
How much money has Pakistan received so far?
According to the Finance Secretary, three reviews of the program have been completed and Pakistan has received about $4.1 billion so far. However, according to official IMF data, after the completion of the third review in May 2026, the total disbursement under the EFF and RSF had reached about $4.8 billion. In such a situation, it is clear that the IMF program is linked to continuous review and adherence to conditions, which means that along with getting money, it is also necessary for Pakistan to carry forward economic reforms.
Where does the International Monetary Fund want changes?
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The real challenge for Pakistan is its power sector, apart from this there has not been enough progress in the targets related to expenditure on education. In the current program of IMF, importance has also been given to making the energy sector sustainable and increasing expenditure on health and education. IMF's conditions are also affecting the information about the assets of government officials, which is the cause of most controversy. Under the proposed arrangement, the Federal Board of Revenue (FBR) will share information related to the assets of some officers with the Establishment Division. If an officer's assets are found disproportionate to his declared income, departmental action can be initiated against him.
The 174 amendments also include changes in the law related to Pakistan's Sovereign Wealth Fund (SWF). The proposed amendment seeks to bring a provision to allow joint investment. According to the IMF report, the change in the legal framework of the SWF also aims to strengthen its operation, accountability and rules related to government companies. The IMF has described SOE reform and privatization as an important part of its program.
Subsidies in electricity, gas and other sectors have long been a major part of government spending in Pakistan. Now the government is moving towards reducing them gradually. The IMF's program focuses on bringing energy prices closer to cost recovery and developing targeted support mechanisms for needy consumers.
If we look at all these changes together, the picture becomes quite clear. The IMF is not just demanding from Pakistan to reduce the budget deficit or increase taxes, but wants institutional changes in the entire economic structure. From tax regime to government companies, from energy sector to subsidies and from accountability of officials to investment regime – the scope of 174 amendments touches many parts of Pakistan's economy. Therefore, the path will not be easy for Pakistan in the times to come. Its real test will be to get these laws passed in the Parliament as well as to implement them on the ground, only after which the IMF will take its decision.