ISLAMABAD: The State Bank of Pakistan (SBP) announced on Thursday that it has received approximately $1.2 billion from the International Monetary Fund (IMF) under the Extended Fund Facility (EFF) and the Resilience and Sustainability Facility (RSF).
According to the central bank, the IMF Executive Board completed its second review of the EFF on December 8, 2025, and approved the disbursement of SDR 760 million for Pakistan. In addition, the Board approved the first tranche of SDR 154 million under the RSF, taking the total receipt to SDR 914 million, equivalent to about $1.2 billion, which was transferred to the SBP on December 10, 2025.
The SBP confirmed that this inflow will be reflected in the country’s foreign exchange reserves for the week ending December 12, 2025. Updated reserve figures are expected to be released next week. The fresh injection comes at a crucial time as Pakistan continues efforts to stabilize its economy, rebuild investor confidence, and strengthen its external financing position.
The IMF Executive Board had earlier approved the disbursement following detailed discussions and assessments of Pakistan’s economic performance. Nigel Clarke, Deputy Managing Director and Acting Chair, praised Pakistan for maintaining reform momentum under the EFF despite challenging global and domestic conditions. He noted that the country had managed to preserve macroeconomic stability, with real GDP growth showing improvement, inflation expectations remaining controlled, and both fiscal and external imbalances narrowing.
Clarke stressed that while recent progress is encouraging, Pakistan must continue implementing prudent economic policies. He emphasized the importance of accelerating structural reforms aimed at boosting private sector development, ensuring sustainable economic growth, and reducing vulnerability to future shocks.
The latest IMF approval follows extensive discussions led by an IMF team headed by Iva Petrova. The mission held consultations in Karachi, Islamabad, and later in Washington, DC, between September 24 and October 8, 2025, as part of the second review under the EFF and the first review under the RSF. On October 15, the IMF confirmed that a staff-level agreement had been reached with Pakistani authorities.
Economic analysts highlight that the IMF programme remains essential for Pakistan as it supports crucial reforms while strengthening the country’s foreign exchange reserves. They believe ongoing IMF engagement provides the government with a clear reform path and enhances financial stability at a time when global economic uncertainty remains high.
