Pakistan receives $1.32 billion tranche from IMF, confirms SBP

Karachi (Web Desk): The State Bank of Pakistan (SBP) on Wednesday announced that it had received $1.3 billion from the International Monetary Fund (IMF) after the lender approved fresh disbursements under two ongoing financial support programmes.

“The IMF Executive Board completed the third review under the Extended Fund Facility (EFF) in its meeting held on May 8 and approved the disbursement of SDR 760 million for Pakistan. Furthermore, the IMF Executive Board has also approved the disbursement of the second tranche of SDR 154 million under the Resilience and Sustainability Facility (RSF),” the central bank said on the social media platform X.

“Accordingly, SBP has received SDR 914 million (equivalent to about US$ 1.3 billion) under the EFF and RSF in value May 12 from the IMF,” it said.

The SBP added that the newly received funds would be included in the country’s foreign exchange reserves for the week ending May 15.

#SBP has received about US$1.3 billion under the IMF’s EFF and RSF programs

The IMF Executive Board completed third review under the Extended Fund Facility (EFF) in its meeting held on 08 May 2026, and approved disbursement of SDR 760 million for Pakistan. Furthermore, the IMF…

— SBP (@StateBank_Pak) May 13, 2026

Earlier on May 9, the IMF confirmed in a statement that its Executive Board had finalised the third review of Pakistan’s EFF arrangement as well as the second review under the RSF programme.

Following the Board’s approval, Pakistan became eligible to receive close to $1.1 billion through the EFF programme along with an additional $220 million under the RSF arrangement.

With this latest tranche, the cumulative amount disbursed to Pakistan under both facilities has now reached nearly $4.8 billion.

The IMF stated that Pakistan’s persistence in carrying forward economic reforms, despite challenges arising from the conflict in the Middle East, had played an important role in maintaining financial stability and improving the country’s external financing situation.

The lender also noted that uncertainty linked to regional tensions had further highlighted the importance of prudent economic management and the continuation of structural reforms aimed at ensuring long-term economic development.

According to the IMF, the government’s economic agenda remains focused on safeguarding macroeconomic stability while advancing reforms intended to strengthen public finances, improve competitiveness and productivity, enhance social protection and human capital, reform state-owned enterprises, and raise the efficiency of public services and the energy sector.

The IMF further observed that Pakistan’s fiscal performance continued to remain positive, with the country expected to achieve a primary surplus of 1.6 percent of GDP during fiscal year 2026, in line with programme targets. However, it pointed out that inflation had increased because of rising international commodity prices affecting domestic energy costs.

Pakistan’s foreign exchange reserves stood at $16 billion by the end of December, compared to $14.5 billion at the close of June 2025, while the IMF projected that reserves would continue to strengthen over the coming year and in the medium term as well.

Pakistan’s 37-month EFF programme was originally approved on September 25, 2024, with the aim of enhancing economic resilience and supporting sustainable growth.

Meanwhile, the 28-month RSF arrangement, approved on May 9, 2025, is designed to assist Pakistan in addressing climate-related risks, reducing vulnerability to natural disasters, and improving long-term economic resilience.

The IMF also stressed that Pakistan’s broader reform programme includes maintaining economic stability through disciplined macroeconomic policies, rebuilding foreign exchange reserves, expanding the tax base, boosting competition and productivity, restructuring state-owned enterprises, improving public services, increasing investment in health, education and social welfare, restoring sustainability in the energy sector, and strengthening anti-corruption measures.