Finance Minister Muhammad Aurangzeb of Pakistan initiated discussions with a visiting International Monetary Fund (IMF) team led by Iva Petrova in Islamabad on Tuesday. The IMF mission is conducting the fourth review of Pakistan’s $7 billion Extended Fund Facility (EFF) and the third review of the $1.4 billion Resilience and Sustainability Facility (RSF). Aurangzeb updated the IMF team on Pakistan’s macroeconomic indicators, credit rating improvements, and the investment climate, acknowledging challenges stemming from the ongoing Iran conflict. A successful conclusion to the talks could release approximately $1.2 billion to Pakistan by late October or early November—$1 billion under the EFF and $200 million under the RSF—though waivers may be needed for unmet structural benchmarks. Key areas of discussion include the Sovereign Wealth Fund (SWF) law, which Pakistan has repeatedly missed deadlines for enacting. The ongoing review also focuses on governance mechanisms for seven state-owned enterprises, including OGDCL, Pakistan Petroleum Limited, and the Neelum-Jhelum Hydropower project, requiring amendments to the Sovereign Wealth Fund Act. The IMF team arrived in Pakistan on September 23rd and is expected to continue discussions in Islamabad.