State Bank of Pakistan receives 2nd tranche of $1 bln from IMF
'SBP has received the second tranche of SDR 760 million (USD 1,023 billion) from the IMF under the Extended Fund Facility programme,' the central bank announced in a statement, according to Dunya News. The amount will be recorded in the SBP's foreign exchange reserves for the week ending May 16, 2025.
The IMF's Executive Board had formally approved a one billion dollars disbursement last week for Pakistan under the EFF, marking a significant step in the country's ongoing economic stabilisation efforts.
The disbursement of funds follows the IMF Executive Board's completion of the first review of Pakistan's reform programme, which cleared the release of the funds. This brings the total disbursements under the seven billion dollars EFF arrangement to approximately 2.1 billion dollars (SDR 1.52 billion).
The immediate release of funds is expected to provide a crucial support to Pakistan's foreign exchange reserves, ease fiscal pressure, and help maintain economic momentum amid ongoing global financial uncertainty.
Alongside this approval, the IMF Board also sanctioned a new agreement under the Resilience and Sustainability Facility (RSF), granting Pakistan access to an additional 1.4 billion dollars (SDR 1 billion). The RSF is designed to help Pakistan strengthen its resilience against climate-related vulnerabilities and natural disasters, reports Pakistan Today.
Meanwhile, budget talks between the global lender and Pakistan's government are set to begin today. Originally scheduled to be held in-person, the talks will now take place virtually as the IMF delegation could not reach Pakistan as planned.
As per Dunya News, the online negotiations will focus on budget preparation, with proposals to be shared with the IMF during these discussions. The economic team from Pakistan has completed its briefing preparations, and officials from the Ministry of Finance and FBR will lead the virtual talks, which will continue until May 16.
The talks will focus on income and expenditure, with Pakistan briefing the IMF on tax and non-tax revenues. Special sessions will be held to persuade the IMF to ease the tax burden on the already strained salaried class.
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