Karachi: The International Monetary Fund (IMF) is expected to hold its board meeting by December 2025 to approve the release of a $1.2 billion tranche to Pakistan, after the country successfully met all performance benchmarks under the ongoing programme, the State Bank of Pakistan (SBP) confirmed.
SBP Governor Jameel Ahmad, during a post–Monetary Policy Committee (MPC) briefing, said Pakistan has completed all required actions for the upcoming review, paving the way for the disbursement.
“The IMF board meeting is expected by December 2025, where Pakistan will receive a $1.2 billion payment,” Ahmad said, according to Topline Securities.
He further informed that of the $10 billion in repayments due during FY26, around $3.1 billion has already been paid, while the remaining payments are expected to be managed smoothly. The current account deficit is projected to remain between 0–1% of GDP, supported by stable external inflows.
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Ahmad highlighted that remittances are expected to rise to $41 billion in FY26, compared to $38 billion last year, mainly due to stronger inflows from key corridors. Over the past three years, the SBP has purchased more than $20 billion from the market to strengthen reserves after meeting repayment obligations.
According to Insight Research, the foreign exchange reserves target for the year-end has now been revised upward to $17.8 billion from the earlier estimate of $17.5 billion.
The governor reiterated that all external debt repayments will be made on time, adding that discrepancies between SBP and Pakistan Bureau of Statistics (PBS) import data stem from the use of different data sources and are expected to align over time.
He noted that current import levels remain sustainable, though any sharp rise in global oil prices could pose risks to the external account.
In its latest meeting, the Monetary Policy Committee maintained the policy rate at 11%, citing global uncertainty, trade tensions, and domestic supply chain risks. The committee said the decision aims to preserve price stability while supporting improving macroeconomic indicators.
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