Pakistan received around $1.3 billion from the International Monetary Fund (IMF), giving the country’s foreign exchange reserves a major boost.
The State Bank of Pakistan (SBP) confirmed the development on Wednesday.
“The amount would be reflected in SBP’s foreign exchange reserves for the week ending on May 15, 2026,” the central bank said.
The payment followed the IMF Executive Board’s approval of Pakistan’s third review under the Extended Fund Facility (EFF) and the second review under the Resilience and Sustainability Facility (RSF).
The IMF board approved the review during a meeting in Washington on May 9. The decision unlocked immediate access to around $1.1 billion under the EFF programme and nearly $220 million under the RSF arrangement.
Pakistan has now received nearly $4.8 billion under both IMF programmes combined.
Pakistan secured the latest tranche after reaching a staff-level agreement with the IMF on March 27.
Read More: Pakistan Plans Historic Yuan Bond Launch After IMF Lifeline
IMF officials held detailed talks with Pakistani authorities in Karachi and Islamabad between February 25 and March 2. Both sides later continued discussions through virtual meetings.
IMF says reforms remain on track
The IMF said Pakistan’s reform programme stayed broadly on track despite global economic uncertainty and regional tensions.
“The authorities’ strong implementation, despite the Middle East war, has maintained economic stability and improved financing and external conditions,” the IMF said in a statement.
The lender urged Pakistan to continue reforms and maintain fiscal discipline.
Pakistan entered the 37-month EFF programme in September 2024. The programme aims to stabilise the economy, rebuild reserves and support sustainable growth.
The IMF has repeatedly asked Pakistan to widen the tax base, reduce circular debt and improve the energy sector.
Read More: IMF Clears $1.2 Billion for Pakistan Amid Strict Reform Demands
The lender also wants Islamabad to reform state-owned enterprises and improve revenue collection. Pakistan’s foreign exchange reserves stood near $16 billion at the end of December 2025, according to IMF data.
Budget talks and market confidence
The IMF programme remains central to Pakistan’s economic recovery plans.
Economists say the latest inflow could improve investor confidence ahead of the federal budget.
The government is expected to continue talks with the IMF on tax measures, energy pricing reforms and privatisation plans. Finance Minister Muhammad Aurangzeb earlier described the IMF board approval as a sign of confidence in Pakistan’s reform agenda.
The SBP raised its benchmark interest rate by 100 basis points to 11.5% in April.
Read More: Pakistan to End 200-Unit Power Subsidy Under IMF Deal
The IMF praised the move and said the central bank maintained an “appropriately tight monetary policy stance.”
The RSF programme focuses on climate resilience and disaster preparedness. The facility also supports long-term economic sustainability projects in Pakistan.
