The International Monetary Fund’s Executive Board will meet on May 8 to consider Pakistan’s economic program, with approval of the third review under the Extended Fund Facility (EFF) seen as likely, according to sources familiar with the matter.

The meeting is expected to pave the way for the release of a $1.2 billion tranche to Pakistan, following a staff-level agreement reached on March 27. Progress toward approval of the disbursement has been described as significant.

The Board is also set to review Pakistan’s Resilience and Sustainability Facility (RSF) program related to climate change, with the second review expected to be approved. Upon approval, an additional $210 million would be disbursed.

In total, Pakistan is expected to receive about $7 billion under the EFF and RSF programs. Sources said the third review has been assessed positively, strengthening expectations of further inflows, including around $1 billion linked to the review.

Separately, officials at the finance ministry said consultations with the IMF are ongoing regarding oil pricing. They added that progress has been made in reducing subsidies.

Officials said a petroleum levy target of 1.47 trillion rupees has been set for the current fiscal year, with efforts underway to meet that goal.