KARACHI: Pakistan has received inflows of amounted to USD 1.2 billion from International Monetary Fund (IMF) under two different programs.
The IMF Executive Board, on December 8, completed the second review of Pakistan’s economic reform programme under the Extended Fund Facility (EFF) and approved an immediate disbursement of SDR 760 million. In the same meeting, the Board also concluded the first review of the Resilience and Sustainability Facility (RSF), clearing the release of the first tranche of SDR 154 million.
With these approvals, the IMF has disbursed a total of SDR 914 million to Pakistan under the EFF and RSF. The SBP said on Thursday that it received about USD 1.2 billion on December 10 as the EFF tranche and the first RSF disbursement. This include the disbursement of around USD 1 billion under the EFF and USD 200 million under the RSF, bringing total disbursements under the two arrangements to about USD 3.3 billion or SDR 2,434 billion.
According to SBP, the received inflows would be reflected in SBP’s foreign exchange reserves for the week ending on 12 Dec 2025.
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These inflows align with projections made by SBP Governor Jameel Ahmed, who expects Pakistan’s foreign exchange reserves to reach USD 15.5 billion by the end of December. According to the SBP’s outlook, reserves could rise further to USD 17.5 billion by the end of June 2026.
In its latest statement, the IMF acknowledged Pakistan’s economic performance, noting that reform implementation under the EFF has helped maintain macroeconomic stability despite several recent shocks. It said real GDP growth has picked up, inflation expectations have stayed anchored, and fiscal and external imbalances have continued to ease.
The Fund added that, given the uncertain global environment, Pakistan must continue to pursue prudent policies to deepen macroeconomic stability while accelerating reforms needed to support stronger, private sector-led and sustainable medium-term growth.
The IMF also praised the government’s efforts to strengthen fiscal discipline, noting that the authorities’ commitment to achieving the FY2026 primary balance target, while still providing urgent relief after the recent severe floods, sends a strong signal of their resolve to rebuild fiscal credibility.
“As of Dec 5, 2025, the total liquid foreign reserves held by the country stood at USD 19.612 billion. This includes foreign reserves held by the SBP amounted to USD 14.587 billion and USD 5.026 billion by ye commercial banks.”
Copyright Business Recorder, 2025
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