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>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.

パキスタン経済 - パキスタンは定量的なパフォーマンス基準を達成する見込み。超過税はFBRの税収不足を部分的に相殺する可能性あり