IMF completes third EFF and second RSF review for Pakistan, unlocking about $1.32bn

On May 8, 2026 the IMF Executive Board completed the third review of Pakistan's Extended Fund Facility (EFF) and the second review of its Resilience and Sustainability Facility (RSF), allowing Islamabad to draw roughly $1.1 billion under the EFF and about $220 million under the RSF—approximately $1.32 billion (SDR 914 million) in total. The News International reported the State Bank received the transfer around May 12-13, to be reflected in reserves for the week ending May 15. The 37-month EFF was approved September 25, 2024 and the 28-month RSF on May 9, 2025; the latest tranche brought cumulative disbursements under the two arrangements to about $4.8 billion.

Per the Fund and corroborating Pakistani coverage, GDP growth accelerated in the first half of FY26, inflation remained contained, the current account was broadly balanced, and reserve rebuilding exceeded earlier projections, with gross reserves at about $16 billion at end-December (up from $14.5 billion at end-June 2025). The IMF cited strong fiscal performance, with a primary surplus of about 1.6% of GDP expected in FY26. Bloomberg (via search) and Dawn corroborated the $1.32 billion figure and the board action.

The release is routine program financing conditioned on continued reform implementation; Pakistan's reserve adequacy and external financing needs remain the program's key monitorables. (The IMF primary press release returned HTTP 403 to direct retrieval and is cited by its official URL; figures here are corroborated across three independent Pakistani outlets and search-level Bloomberg reporting.)