Key points
- State Bank of Pakistan confirms receipt of US$1.2 billion from IMF
• Funds credited on 10 December 2025 and to be reflected in SBP reserves by 12 December 2025
• IMF Executive Board completes second review under EFF and first under RSF
• Disbursement comprises about $1 billion under EFF and $200 million under RSF
ISLAMABAD: The International Monetary Fund has released a combined US$1.2 billion tranche to Pakistan, and the State Bank of Pakistan (SBP) confirmed the inflow on its official X account on Thursday.
According to the SBP X post, “The State Bank of Pakistan has received SDR 914 million (equivalent to about US $1.2 billion) from the International Monetary Fund under the Extended Fund Facility (EFF) and Resilience and Sustainability Facility (RSF) on 10 Dec 2025. This inflow will be reflected in SBP’s foreign exchange reserves for the week ending 12 Dec 2025.”
The release follows the IMF Executive Board’s completion of the second review of Pakistan’s EFF programme and the first review of the programme under the RSF, which allows the immediate drawdown of about US$1 billion under the EFF and about US$200 million under the RSF, bringing total disbursements under both arrangements to around US$3.3 billion, according to an IMF statement.
#SBP has received SDR 914 million (equivalent to about US$ 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
The IMF noted that Pakistan’s strong programme implementation has preserved macroeconomic stability and improved external financing conditions, even amid global uncertainty. Officials in Islamabad welcomed the disbursement, underscoring its importance in supporting foreign exchange reserves and easing external financing pressures.
Pakistan’s latest inflow marks a continuation of the country’s engagement with the International Monetary Fund under the $7 billion Extended Fund Facility (EFF), which the Fund approved in September 2024. The 37-month arrangement was designed to stabilise the economy after a period of acute external and fiscal stress, including depleted foreign exchange reserves, double-digit inflation, and deteriorating investor confidence. The programme is supported in parallel by the Resilience and Sustainability Facility (RSF) to help Pakistan manage climate-related vulnerabilities.
The EFF has delivered a series of periodic disbursements tied to Pakistan’s progress on structural benchmarks, revenue mobilisation, monetary tightening, and energy-sector reforms. The first major inflow under the programme landed in May 2025, when Islamabad received SDR 760 million, roughly US$1.02 billion, following the completion of the initial review.
With the latest Executive Board approval on 8 December 2025, Pakistan unlocked a combined SDR 914 million, equivalent to US$1.2 billion, covering the second EFF review and the first RSF disbursement.
Why the latest $1.2bn IMF tranche shows a different SDR value
Although Pakistan has received about $1.2 billion twice from the IMF this year, the SDR amounts are not the same because IMF loans are denominated in SDRs, not dollars. The SDR Special Drawing Right is an international reserve asset created by the International Monetary Fund (IMF). It is not a currency, but a basket-based unit of account that derives its value from five major global currencies fluctuating against the US dollar. As a result, different SDR amounts can convert to roughly the same dollar value at different points in time.
The latest inflow also includes two components: SDR 760 million under the Extended Fund Facility (EFF) second review and SDR 154 million under the Resilience and Sustainability Facility (RSF) first review, bringing the combined disbursement to SDR 914 million, equivalent to about $1.2 billion at the current exchange rate.
The IMF, in its statement accompanying the Board decision, noted that Pakistan has “helped preserve macroeconomic stability in the face of several recent shocks,” citing accelerating GDP growth, easing inflation expectations, and moderating fiscal and external imbalances. It cautioned, though, that the global environment remains uncertain and urged Pakistan to maintain prudent policies as it moves into the next phase of the programme.
Taken together, Pakistan has so far secured roughly US$3.3 billion under the EFF-RSF framework. The remaining disbursements under the $7 billion envelope will depend on quarterly reviews by the IMF, each linked to specific fiscal, monetary, and structural targets. For Islamabad, continued adherence to the programme is important not just for balance-of-payments support but also for signalling credibility to markets, bilateral lenders, and foreign investors.
