Pakistan is on the brink of its inaugural evaluation of the $3 billion stand-by arrangement (SBA) within the International Monetary Fund’s (IMF) loan program, marking the potential release of the program’s second tranche amounting to $700 million. Official sources from the Finance Ministry have indicated that a delegation from the IMF, headed by Nathan Porter, is slated to arrive in Pakistan on November 2. The review process is anticipated to span until November 16. This evaluation aims to scrutinize Pakistan’s performance during the initial three months of the program, which encompasses a myriad of measures and reforms initiated within the country. The review will unfold in two distinct phases. Initially, technical discussions will involve an in-depth examination of economic data, as verified by sources well-versed in the matter. Subsequently, the second phase will encompass policy-level discussions, during which new terms and conditions will be deliberated upon. As part of the program’s implementation, Pakistan has already enforced a series of stringent measures, such as adjusting electricity and gas rates in alignment with the loan agreement. Furthermore, ongoing efforts to curtail government expenses and advance the privatization program are reportedly in progress, showcasing the country’s dedication to fulfilling the IMF’s stipulations. The Federal Board of Revenue (FBR) has also exceeded the set target in tax collection during the initial quarter of the current fiscal year, signaling a positive milestone in Pakistan’s commitment to meeting its fiscal obligations under the IMF program. Should Pakistan’s performance satisfy the IMF during the review, the release of the second tranche of $700 million is anticipated. The successful outcome of this evaluation will undoubtedly have extensive implications for the country’s economic stability and its potential to secure continued financial support from the crisis lender.