Pakistan has already received two tranches exceeding $2 billion under the current IMF programme. A successful round of talks could unlock another $1 billion disbursement, but progress hinges on long-delayed reforms.

According to sources, the government has so far failed to meet five major structural benchmarks, raising concerns about the timely release of the next loan instalment. Of the 22 structural benchmarks, five remain incomplete.

The privatisation plan for electricity distribution companies is facing delays, while a much-anticipated Corruption and Governance Diagnostic Report is yet to be published.

Legislative amendments to the State-Owned Enterprises (SOEs) Act and revision to the Sovereign Wealth Fund Law remain pending in parliament.

In addition, the draft of the Public Finance Management Act has not been finalised.

Insiders suggest that the IMF delegation will press Pakistan hard on these gaps, with the outcome of the review expected to determine the stability of external financing in the months ahead.