Pakistan Reaches IMF Staff-Level Agreement for About $1.2 Billion

Pakistan and the International Monetary Fund have reached a staff-level agreement on the fourth review of the Extended Fund Facility (EFF) and the third review of the Resilience and Sustainability Facility (RSF), according to reports.

The agreement paves the way for approximately $1.2 billion in financing. Release of the funds remains subject to approval by the IMF’s Executive Board.

Financing Comes From Two Arrangements

The proposed disbursement includes roughly $1 billion under the EFF and approximately $210 million under the RSF.

These are instalments under Pakistan’s existing arrangements. The staff-level agreement advances the reviews needed to access that financing.

The EFF supports Pakistan’s economic reform programme, while the RSF provides financing linked to reforms that strengthen resilience, including against climate-related risks.

Review Talks Conclude

An IMF mission led by Iva Petrova held discussions with Pakistani authorities in Karachi and Islamabad from September 23 to October 7, 2026.

The discussions also covered the 2026 Article IV consultation, alongside the programme reviews.

Negotiations examined economic performance, fiscal consolidation, revenue mobilisation, energy-sector reforms and external financing requirements. Officials also discussed structural benchmarks and policy commitments for the remainder of the programme.

Executive Board Approval Is the Next Step

A staff-level agreement records an understanding between IMF staff and the Pakistani authorities. It precedes the Executive Board’s decision on completing the reviews and authorising access to funds.

The announced financing should therefore be treated as pending approval rather than money already received.

The development marks progress from negotiations towards the next programme milestone, with attention now turning to the Board’s consideration of Pakistan’s case.