Pakistan receives combined IMF targets for 7th, 8th reviews: Miftah.

Pakistan has received combined economic and financial targets for the seventh and eighth reviews of its International Monetary Fund bailout programme, finance minister Miftah Ismail said on Tuesday.

"Early this morning, the government of Pakistan has received an MEFP from the IMF for combined 7th and 8th reviews," Ismail tweeted.

A Memorandum of Economic and Finance Policy (MEFP) contains certain prior actions that would be necessary for implementation before the IMF board takes up Pakistan's case for approval and the subsequent disbursement of about $1bn next month.

IMF and Pakistan, in a breakthrough on June 22, reached an understanding on the federal budget for 2022-23, increasing the likelihood of reviving the extended fund facility (EFF) after authorities committed to generate Rs436 billion more taxes and increase petroleum levy gradually up to Rs50 per litre.

The understanding was reached during a meeting, held via video link, between the IMF staff mission and the Pakistani economic team, led by Ismail.

The IMF is now expected to issue a statement confirming substantial progress on the fiscal framework, the two sides agreed.

Last week, when news of the understanding was reported, PTI leader and former finance minister Shaukat Tarin said the deal with the IMF was still weeks away as the government had yet to receive an MEFP.

"Their (IMF's) statement says that this is a work in progress and there has been some headway [...] they are saying they will give the memorandum of economic and financial policy on Friday. When that has not been received, how can it be said that an agreement has been reached?"

Tarin had said that the MEFP would be an extensive and detailed document, which would be deliberated upon and discussed "line by line". Then a technical agreement is signed which goes to the IMF's...