The program, approved in mid-2024, is Pakistan’s 23rd agreement with the IMF since 1958 and perhaps its most stringent yet. Despite ambitious revenue targets under the IMF program, the Federal Board of Revenue (FBR) continues to struggle with under-reporting, exemptions, and administrative inefficiencies. However, the IMF program has insisted on primary surplus targets, requiring that non-interest revenues exceed non-interest spending. Monetary and financial sector reforms have also gained traction. In terms of governance and transparency, the IMF program has prompted Pakistan to enhance its public financial management.