External broker reports(aggregated public sources), Topline Securities

Topline Securities

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External broker reports(aggregated public sources)

Macroeconomics

<ul><li>Reportedly, IMF team is due in last week of Feb 2026 for third review of the Extended Fund Facility (EFF) and second review of the Resilience and Sustainability Facility (RSF).</li><li>Quantitative Performance Criteria (QPC): QPC for any IMF program is important criteria as it requires board level waiver if not met.</li><li>FBR Tax Revenues: FBR tax revenues is an indicative criteria and based on published/reported numbers, FBR tax collection target is missed by Rs336bn.</li></ul>

Reportedly, IMF team is due in last week of Feb 2026 for third review of the Extended Fund Facility (EFF) and second review of the Resilience and Sustainability Facility (RSF).Quantitative Performance Criteria (QPC): QPC for any IMF program is important criteria as it requires board level waiver if not met.FBR Tax Revenues: FBR tax revenues is an indicative criteria and based on published/reported numbers, FBR tax collection target is missed by Rs336bn.

Pakistan Economy - Pakistan Likely To Meet Quantitative Performance Criteria; Super Tax May Partially Offset FBR Tax Shortfall