Pakistan IMF Review 2025 – SBP Confirms Conditions Met
Pakistan has taken a major step forward in its economic reform journey by fulfilling all required benchmarks ahead of the International Monetary Fund (IMF) December 2025 review, according to the State Bank of Pakistan (SBP). The SBP Governor confirmed that Pakistan is now eligible to receive the next tranche of $1.2 billion as part of its ongoing programme.
In the current fiscal year, Pakistan has already repaid approximately $3.1 billion of the $10 billion scheduled repayments, reflecting strong commitment and progress under the IMF programme. The current‐account deficit is projected to stay between 0 %-1 % of GDP, aided by robust external inflows and sustained remittances. Remittances are expected to rise to $41 billion in FY26, up from $38 billion last year. The SBP has also strengthened reserves by purchasing more than $20 billion from the market in recent years.
The Monetary Policy Committee maintained the policy rate at 11%, citing global uncertainties, trade tensions and supply‐side risks, while emphasising the need to preserve price stability amid improving macro-indicators. Import levels remain manageable, though Pakistan remains cautious of global oil‐price shocks that could impact the external account.
By meeting these critical conditions, Pakistan has cleared a key hurdle in its IMF engagement and signalled improved confidence in its macro‐economic management. The success of this review is a positive signal for investment, fiscal stability and Pakistan’s international financial standing.
Shahnawaz Yaqub Bhatti
Investment Consultant and CEO at Imlaak
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