Pakistan receives $1.3b tranche from IMF: SBP

SBP says IMF Executive Board has also approved disbursement of second tranche of SDR 154 million under RSF

The State Bank of Pakistan (SBP) said on Wednesday it had received about $1.3 billion from the International Monetary Fund (IMF) under its Extended Fund Facility (EFF) and Resilience and Sustainability Facility (RSF) programmes, in a post on X.

The post read that, "The IMF Executive Board completed third review under the Extended Fund Facility (EFF) in its meeting held on May 8, 2026, 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 RSF," it added.

#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

"Accordingly, SBP has received SDR 914 million (equivalent to about US$ 1.3 billion) under the EFF and RSF in value May 12, 2026, from the IMF," SBP added in a statement.

The central bank said that "the amount would be reflected in SBP’s foreign exchange reserves for the week ending on May 15, 2026".

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With the fresh approval, Pakistan has so far received a $4.5 billion loan from the IMF against two separate debt packages totaling $8.4 billion. Pakistan has access to another $1 billion under the Extended Fund Facility and $200 million under the Resilience and Sustainability Facility.

However, the government had to stick to the old fiscal and monetary targets and gave a commitment to stay on the path of stabilisation despite strong voices against these policies that have caused higher unemployment, higher poverty, and higher income inequality.

The government had to stick to the old fiscal and monetary targets and gave a commitment to stay on the path of stabilisation despite strong voices against these policies that have caused higher unemployment, higher poverty, and higher income inequality.

The IMF executive board also approved a modification of one end-June performance criterion, specifically the floor on net international reserves of the SBP. It also set new performance criteria for end-December 2026 and end-June 2027 for the central bank. The $1 billion debt would be used for balance of payment support, while the $200 million is given in budget support, according to government officials.

The IMF approval came after the government showed better performance against the fiscal and monetary targets, but there were divergent views about the path during the second half of this fiscal year.

The IMF mission had reviewed the performance of Pakistan’s economy for the July-December 2025 period, covering the third review of the $7 billion bailout package.

Pakistan met all end-December 2025 quantitative performance criteria and also outperformed against the floor on net international reserves and comfortably met the general government’s primary balance target.

Also Read: Pakistan set for $200m IMF resilience fund

The government also met six of eight end-of-December 2025 indicative targets, but the Federal Board of Revenue remained the weakest link. It missed the targets on net tax revenues collected by the FBR and income tax revenues from retailers, which fell short of IMF targets.