External broker reports(aggregated public sources), Topline Securities

Topline Securities

Topline Securities is one of the fastest growing brokerage houses in Pakistan. It has strong equity brokerage, economic / equity research, mutual fund distribution, commodity trading and corporate finance & advisory functions. Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

External broker reports(aggregated public sources)

Macroeconomics

<ul><li>IMF has released its detail report pertaining to third review of the Pakistan under Extended Funded Facility (EFF) and second review of Resilience and Sustainability Facility (RSF).</li><li>In line with our expectations, Pakistan met all 7 Quantitative Performance Criteria (QPC) for Sep 2025 and Dec 2025 quarters and 6 out of 8 Indicative Targets (ITs).</li><li>Surprisingly, Floor on FBR Revenues collection, due to consistent slippage against the target, are upgraded QPC from earlier ITs.</li></ul>

IMF has released its detail report pertaining to third review of the Pakistan under Extended Funded Facility (EFF) and second review of Resilience and Sustainability Facility (RSF).In line with our expectations, Pakistan met all 7 Quantitative Performance Criteria (QPC) for Sep 2025 and Dec 2025 quarters and 6 out of 8 Indicative Targets (ITs).Surprisingly, Floor on FBR Revenues collection, due to consistent slippage against the target, are upgraded QPC from earlier ITs.

Pakistan Economy - Pakistan IMF Program; FBR Tax Collection Upgraded to Quantitative Target Now; PBS to Disseminate Revised Trade Numbers for 2020-25