Impact of IMF Targets and Conditionalities on the Economy 5.3 Meeting the Performance Criteria and Indicative Targets An assessment is made below of the likely extent of success in forthcoming reviews in meeting the performance criteria and indicative targets. The dates are as follows: Review Ninth Review Tenth Review Eleventh Review FORTHCOMING REVIEW MEETINGS PC and IT* of Date of Mission to Pakistan Release SDRs (Million) End-September 2022 November 3, 2022 894 End-December 2022 February 3, 2022 528 End-March 2023 May 3, 2033 528 *PC= Performance criteria, IT= Indicative targets Subject to successful completion of a review and approval of the IMF Executive Board, the equivalent of number of SDRs to be released is shown in the table above. Performance Criteria Floor on Net International Reserves of SBP: The end-quarter levels of net international reserves are given in Table 5.4. Net International reserves are the gross foreign exchange reserves of SBP, minus the foreign exchange liabilities and the outstanding loan amount with the IMF. The projection for the three quarters of 2022-23 is on the assumption that the foreign exchange reserves increase in a linear manner. Table 5.4: Performance Criteria and Indicative Targets End­June 2022 End- End­September December 2022 2022 PERFORMANCE CRITERIA • Floor on Net International Reserves of SBP ($ billion) -10.78-11.45-10.30 • Ceiling on Net Domestic Assets of SBP (Rs in Billion) 10,850 11,127 11,213 • Ceiling on general government Primary -1,900-339-924 Budget Deficit (Cumulative, Rs in Billion) • Ceiling on Amount of Government Guarantees (stock, Rs in Billion) 2,771 2,978 3,077 • Cumulative Floor to BISP Spending (Rs in Billion) n.a. 70 149 INDICATIVE TARGETS End­March 2023 Assessment of Toughness -9.80 High 11,327 ­-987 High 3,102 Medium 232 Low 69