KARACHI: The International Monetary Fund (IMF) is likely to hold its board meeting by December 2025 to approve the release of the next $1.2 billion loan for Pakistan.
According to State Bank of Pakistan (SBP) Governor Jameel Ahmed, the country has met all performance goals required for the IMF review. This achievement clears the way for the next loan installment under the ongoing IMF program.
Speaking at an analyst briefing after the Monetary Policy Committee (MPC) meeting, Governor Ahmed shared that out of the total $10 billion due for repayment in FY26, around $3.1 billion has already been paid. He confirmed that all targets for the IMF review were achieved and the IMF board is expected to meet by December 2025 to approve the $1.2 billion disbursement.
The State Bank also expects the current account deficit to remain between 0–1% of GDP. The outlook for remittances has improved, with expected inflows of over $41 billion during FY26, compared to $38 billion in the previous year.
Over the last three years, the SBP has purchased more than $20 billion in foreign exchange, continuing to strengthen reserves even after meeting external payment needs. The foreign exchange reserve target for the end of the fiscal year has also been increased to $17.8 billion, up from the earlier goal of $17.5 billion.
Governor Jameel Ahmed also assured that Pakistan will continue to meet its external debt payments on time. He explained that the difference between import data reported by the SBP and Pakistan Bureau of Statistics (PBS) is due to different data sources and will balance out over time.
The SBP said current import levels are manageable, though any unexpected rise in global oil prices could create challenges.
In its latest meeting, the Monetary Policy Committee (MPC) decided to keep the policy rate unchanged at 11%, noting that while the economy is improving, global price uncertainty, trade tensions, and domestic supply chain issues may still impact stability.
The MPC emphasized maintaining the current rate to support price stability and economic balance.
