The State Bank of Pakistan (SBP) confirmed on Thursday that it has received $1.2 billion from the International Monetary Fund (IMF), following the Fund’s approval of Pakistan’s latest loan programme reviews. The amount — equivalent to SDR 914 million — was disbursed under the Extended Fund Facility (EFF) and the Resilience and Sustainability Facility (RSF), according to a statement posted by the central bank on X.
The IMF’s Executive Board concluded the second review of the EFF and the first review of the RSF earlier this week during a meeting in Washington. The SBP said the inflow, received on December 10, 2025, will be reflected in Pakistan’s foreign exchange reserves for the week ending December 12.
The approval clears another critical tranche for Pakistan under the IMF’s dual-track bailout, combining the 37-month EFF focused on macroeconomic stabilisation and the climate-linked RSF aimed at long-term structural reforms. With this latest disbursement, total IMF funding to Pakistan under the two programmes has reached approximately $3.3bn.
#SBP has received SDR 914 million (equivalent to about US$ 1.2 billion) under the EFF and RSF in value 10 December 2025 from the IMF.https://t.co/ifU6HGDWTi pic.twitter.com/0JR8pcyx5u
— SBP (@StateBank_Pak) December 11, 2025
In a statement following its board meeting, the IMF praised Pakistan’s “strong programme implementation”, noting that despite the disruption caused by recent devastating floods, the country had managed to maintain economic stability and improve its financing and external position. The Fund underscored that Pakistan’s policy priorities must continue to focus on strengthening public finances, enhancing competition, improving productivity, and advancing reforms in social protection, human capital, state-owned enterprises and the energy sector.
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The IMF noted that Pakistan recorded a primary surplus of 1.3 per cent of GDP in FY25 — in line with programme targets — and saw gross reserves rise to $14.5bn at the end of FY25, up from $9.4bn the previous year. Inflation, it added, had risen mainly due to flood-related spikes in food prices but was expected to stabilise.
IMF Deputy Managing Director and Acting Chair Nigel Clarke emphasised the need for Pakistan to maintain prudent policies and accelerate reforms to secure sustainable, private-sector-led growth. He highlighted tax policy simplification, base broadening, and energy sector reforms as essential for ensuring fiscal sustainability and reducing structural inefficiencies.
The Fund noted that while Pakistan has averted an immediate economic crisis, the country remains on a constrained stabilisation path, marked by sluggish growth, heavy debt obligations and limited relief for households.
