Pakistan receives $1.2bn from IMF, confirms SBP

The State Bank of Pakistan (SBP) on Thursday said it has received about $1.2 billion from the International Monetary Fund (IMF) under the Extended Fund Facility (EFF) and the Resilience and Sustainability Facility (RSF).

“The IMF Executive Board completed second review under the EFF in its meeting held on 08 Dec 2025, and approved disbursement of SDR 760 million for Pakistan. Furthermore, the IMF Executive Board has also approved disbursement of first tranche of SDR 154 million under the RSF.

“Accordingly, SBP has received SDR 914 million (equivalent to about US$1.2 billion) under the EFF and RSF in value 10 Dec 2025 from the IMF,” the central bank said.

The amount would be reflected in SBP’s foreign exchange reserves for the week ending 12 December 2025, which are expected to be published next week, it added.

The IMF Executive Board on Monday approved the disbursement of $1.2 billion for Pakistan under the EFF and RSF.

Following the Executive Board discussion, Nigel Clarke, Deputy Managing Director and Acting Chair, made the following statement:

“Pakistan’s reform implementation under the EFF arrangement has helped preserve macroeconomic stability in the face of several recent shocks. Real GDP growth has accelerated, inflation expectations have remained anchored, and fiscal and external imbalances have continued to moderate. In the face of an uncertain global environment, Pakistan needs to maintain prudent policies to further entrench macroeconomic stability, while accelerating reforms necessary to achieve stronger, private sector-led, and sustainable medium-term growth.”

An IMF team, led by Iva Petrova, held discussions during September 24-October 8, 2025, mission to Karachi and Islamabad, and in Washington, DC, for the second review under the Extended Fund Facility and the first review under the Resilience and Sustainability Facility.

On October 15, the Fund stated that the Pakistani authorities and IMF staff had reached a staff-level agreement on the second review under Pakistan’s EFF and the first review under the RSF.

Analysts believe the IMF programme is crucial as it gives the government a roadmap for economic reforms while providing a cushion to the country’s foreign exchange reserves.