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IMF Executive Board Completes First Review of the Extended Fund Facility Arrangement with Pakistan and Approves the Request for an Arrangement under the Resilience and Sustainability Facility
From：IMF
The IMF Executive Board completed the first review under the Extended Fund Facility (EFF) Arrangement, allowing the authorities to draw the equivalent of about $1 billion. The authorities have demonstrated strong program implementation, which has contributed to improving financing and external conditions, and a continuing economic recovery.
Moving forward, policy priorities will include advancing reforms to strengthen competition, raise productivity and competitiveness, reform SOEs, improve public service provision and energy sector viability, and build climate resilience.
The Executive Board also approved the authorities request for an arrangement under the Resilience and Sustainability Facility (RSF), which will support Pakistan’s efforts in building economic resilience to climate vulnerabilities and natural disasters, with access of around $1.4 billion.
Washington, DC: Today, the Executive Board of the International Monetary Fund (IMF) completed the first review of Pakistan’s economic reform program supported by the EFF Arrangement. This decision allows for an immediate disbursement of around $1 billion (SDR 760 million), bringing total disbursements under the arrangement to about $2.1 billion (SDR 1.52 billion). In addition, the IMF Executive Board approved the authorities’ request for an arrangement under the Resilience and Sustainability Facility (RSF), with access of about US$1.4 billion (SDR 1 billion).
Pakistan’s 37-month EFF was approved on September 25, 2024, and aims to build resilience and enable sustainable growth. Key priorities include (i) entrenching macroeconomic sustainability through consistent implementation of sound macro policies, including rebuilding international reserve buffers and broadening of the tax base; (ii) advancing reforms to strengthen competition and raise productivity and competitiveness; (iii) reforming SOEs and improving public service provision and energy sector viability; and (iv) building climate resilience.
Pakistan’s policy efforts under the EFF have already delivered significant progress in stabilizing the economy and rebuilding confidence, amidst a challenging global environment. Fiscal performance has been strong, with a primary surplus of 2.0 percent of GDP achieved in the first half of FY25, keeping Pakistan on track to meet the end-FY25 target of 2.1 percent of GDP. Inflation fell to a historic low of 0.3 percent in April, and progress on disinflation and steadier domestic and external conditions, have allowed the State Bank of Pakistan to cut the policy rate by a total of 1100 bps since June 2025. Gross reserves stood at $10.3 billion at end-April, up from $9.4 billion in August 2024, and are projected to reach $13.9 billion by end-June 2025 and continue to be rebuilt over the medium term.
The RSF will support the authorities’ efforts to reduce vulnerabilities to natural disasters and to build economic and climate resilience. The authorities’ program: (i) prioritizes resilience to natural disasters and strengthen public investment processes at all levels of government; (ii) makes the use of scarce water resources more efficient, including through better pricing; (iii) strengthens coordination of natural disaster response and financing between federal and provincial governments; (iv) improves the information architecture, for and disclosure of, climate-related risks by banks and corporates; and (v) supports Pakistan’s efforts to meet its mitigation commitments and reduce related macro-critical risks.
Following the Executive Board discussion, Nigel Clarke, Deputy Managing Director and Chair, made the following statement:
“Pakistan has made important progress in restoring macroeconomic stability despite a challenging environment. Since the approval of the Extended Fund Facility, the economy continues to recover, with inflation sharply lower and external buffers notably stronger. Risks to the outlook remain elevated, however, particularly from global economic policy uncertainty, rising geopolitical tensions, and persistent domestic vulnerabilities. Against this backdrop, the authorities need to maintain sound macroeconomic policies and accelerate reforms to safeguard the macroeconomic gains and underpin stronger and sustainable, private sector-led medium-term growth.
“The steadfast implementation of the FY2025 budget and the passage of key fiscal reforms, notably the Agricultural Income Tax, underpin the process of rebuilding policy making credibility. Continuing to mobilize greater revenue from undertaxed sectors and the noncompliant will make the tax system more equitable and efficient. This, combined with federal and provincial spending discipline, will strengthen sustainability, build resilience, and reduce the public sector’s crowding out of private credit.
“Timely implementation of power tariff adjustments has helped reduce the stock and flow of circular debt. Meanwhile, cost-side reforms are showing early signs of success but need to be accelerated to safeguard the energy sector’s viability and improve Pakistan’s competitiveness.
“The State Bank of Pakistan’s (SBP) tight monetary policy stance has been pivotal in reducing inflation to historic lows. Monetary policy should remain appropriately tight and data-dependent to ensure inflation is anchored within the SBP’s target range. A more flexible exchange rate will facilitate the adjustment to external and domestic shocks, aiding the rebuilding of reserves. Prompt action to address undercapitalized financial institutions and vigilance over the financial sector are necessary for financial stability. Strengthening of AML/CFT frameworks is also needed.
“Accelerating structural reforms will unlock Pakistan’s competitiveness, creating conditions to attract high-impact private investment. Reform priorities include reducing trade and investment barriers, advancing SOE reforms, and decisively strengthening governance and anti-corruption institutions.
“Reducing Pakistan’s vulnerability to extreme weather events will enhance macroeconomic stability and fiscal sustainability. The reforms under the Resilience and Sustainability Facility aim to build resilience to natural disasters by strengthening public investment processes, supporting efficient use of scarce water resources, strengthening coordination of natural disaster response and financing, improving the information on climate-related risks, and supporting Pakistan in meeting its international commitments.”
IMF Executive Board Completes First Review of the Extended Fund Facility Arrangement with Pakistan and Approves the Request for an Arrangement under the Resilience and Sustainability Facility
双语结合
国际货币基金组织执董会完成对与巴基斯坦的扩展基金安排的第一次审查，并批准了在韧性和可持续性基金下安排的申请
The IMF Executive Board completed the first review under the Extended Fund Facility (EFF) Arrangement, allowing the authorities to draw the equivalent of about $1 billion. The authorities have demonstrated strong program implementation, which has contributed to improving financing and external conditions, and a continuing economic recovery.国际货币基金组织执董会完成了根据扩展基金便利（EFF）安排进行的第一次审查，允许当局提取相当于约 10 亿美元的资金。当局展示了强有力的计划实施，这有助于改善融资和外部条件，以及持续的经济复苏。
Moving forward, policy priorities will include advancing reforms to strengthen competition, raise productivity and competitiveness, reform SOEs, improve public service provision and energy sector viability, and build climate resilience.展望未来，政策重点将包括推进改革以加强竞争、提高生产力和竞争力、改革国有企业、改善公共服务提供和能源部门的生存能力，以及建立气候适应能力。
The Executive Board also approved the authorities request for an arrangement under the Resilience and Sustainability Facility (RSF), which will support Pakistan’s efforts in building economic resilience to climate vulnerabilities and natural disasters, with access of around $1.4 billion.执行委员会还批准了当局在韧性和可持续性基金（RSF）下安排的请求，该基金将支持巴基斯坦努力建立经济抵御气候脆弱性和自然灾害的能力，提供约 14 亿美元的资金。
Washington, DC: Today, the Executive Board of the International Monetary Fund (IMF) completed the first review of Pakistan’s economic reform program supported by the EFF Arrangement. This decision allows for an immediatedisbursement of around $1 billion (SDR 760 million), bringing total disbursements under the arrangement to about $2.1 billion (SDR 1.52 billion). In addition, the IMF Executive Board approved the authorities’ request for an arrangement under the Resilience and Sustainability Facility (RSF), with access of about US$1.4 billion (SDR 1 billion).华盛顿特区：今天，国际货币基金组织（IMF）执董会完成了对 EFF 安排支持的巴基斯坦经济改革计划的首次审查。该决定允许立即支付约 10 亿美元（7.6 亿特别提款权），使该安排下的支付总额达到约 21 亿美元（15.2 亿特别提款权）。此外，国际货币基金组织执董会批准了当局关于在韧性和可持续发展基金（RSF）下达成安排的请求，该基金可提供约 14 亿美元（10 亿特别提款权）。
Pakistan’s 37-month EFF was approved on September 25, 2024, and aims to build resilience and enable sustainable growth. Key priorities include (i) entrenching macroeconomic sustainability through consistent implementation of sound macro policies, including rebuilding international reserve buffers and broadening of the tax base; (ii) advancing reforms to strengthen competition and raise productivity and competitiveness; (iii) reforming SOEs and improving public service provision and energy sector viability; and (iv) building climate resilience.巴基斯坦为期 37 个月的 EFF 于 2024 年 9 月 25 日获得批准，旨在建立复原力并实现可持续增长。主要优先事项包括（i）通过持续实施合理的宏观政策来巩固宏观经济的可持续性，包括重建国际储备缓冲和扩大税基;（ii）推进改革，加强竞争，提高生产力和竞争力;（iii）改革国有企业，改善公共服务提供和能源部门的生存能力;以及（iv）建立气候适应能力。
Pakistan’s policy efforts under the EFF have already delivered significant progress in stabilizing the economy and rebuilding confidence, amidst a challenging global environment. Fiscal performance has been strong, with a primary surplus of 2.0 percent of GDP achieved in the first half of FY25, keeping Pakistan on track to meet the end-FY25 target of 2.1 percent of GDP. Inflation fell to a historic low of 0.3 percent in April, and progress on disinflation and steadier domestic and external conditions, have allowed the State Bank of Pakistan to cut the policy rate by a total of 1100 bps since June 2025. Gross reserves stood at $10.3 billion at end-April, up from $9.4 billion in August 2024, and are projected to reach $13.9 billion by end-June 2025 and continue to be rebuilt over the medium term.在充满挑战的全球环境中，巴基斯坦在 EFF 下的政策努力已经在稳定经济和重建信心方面取得了重大进展。财政表现强劲，25 财年上半年实现了占 GDP 的 2.0% 的初级盈余，使巴基斯坦有望实现 25 财年末占 GDP 2.1% 的目标。4 月份通胀率降至 0.3% 的历史低点，而通货紧缩的进展和更稳定的国内外条件，使巴基斯坦国家银行自 2025 年 6 月以来总共将政策利率下调了 1100 个基点。截至 4 月底，总储备为 103 亿美元，高于 2024 年 8 月的 94 亿美元，预计到 2025 年 6 月底将达到 139 亿美元，并在中期继续重建。
The RSF will support the authorities’ efforts to reduce vulnerabilities to natural disasters and to build economic and climate resilience. The authorities’ program: (i) prioritizes resilience to natural disasters and strengthen public investment processes at all levels of government; (ii) makes the use of scarce water resources more efficient, including through better pricing; (iii) strengthens coordination of natural disaster response and financing between federal and provincial governments; (iv) improves the information architecture, for and disclosure of, climate-related risks by banks and corporates; and (v) supports Pakistan’s efforts to meet its mitigation commitments and reduce related macro-critical risks.RSF 将支持当局努力降低对自然灾害的脆弱性，并建立经济和气候适应能力。当局的计划：（i）优先考虑对自然灾害的抵御能力，并加强各级政府的公共投资流程;（ii）提高稀缺水资源的利用效率，包括通过更好的定价;（iii）加强联邦和省级政府之间自然灾害应对和融资的协调;（iv）改善银行和企业应对气候相关风险的信息架构和披露;以及（v）支持巴基斯坦履行其减缓承诺和减少相关的宏观关键风险的努力。
Following the Executive Board discussion, Nigel Clarke, Deputy Managing Director and Chair, made the following statement:在执行董事会讨论之后，副总裁兼董事长 Nigel Clarke 发表了以下声明：
“Pakistan has made important progress in restoring macroeconomic stability despite a challenging environment. Since the approval of the Extended Fund Facility, the economy continues to recover, with inflation sharply lower and external buffers notably stronger. Risks to the outlook remain elevated, however, particularly from global economic policy uncertainty, rising geopolitical tensions, and persistent domestic vulnerabilities. Against this backdrop, the authorities need to maintain sound macroeconomic policies and accelerate reforms to safeguard the macroeconomic gains and underpin stronger and sustainable, private sector-led medium-term growth.“尽管环境充满挑战，但巴基斯坦在恢复宏观经济稳定方面取得了重要进展。自扩展基金安排获批以来，经济持续复苏，通胀率大幅走低，外部缓冲明显增强。然而，经济前景面临的风险仍然较高，特别是全球经济政策的不确定性、不断加剧的地缘政治紧张局势和持续的国内脆弱性。在此背景下，当局需要维持稳健的宏观经济政策并加快改革，以保护宏观经济收益，并支持更强劲、更可持续的、由私营部门主导的中期增长。
“The steadfast implementation of the FY2025 budget and the passage of key fiscal reforms, notably the Agricultural Income Tax, underpin the process of rebuilding policy making credibility. Continuing to mobilize greater revenue from undertaxed sectors and the noncompliant will make the tax system more equitable and efficient. This, combined with federal and provincial spending discipline, will strengthen sustainability, build resilience, and reduce the public sector’s crowding out of private credit.“坚定不移地实施 2025 财年预算和关键财政改革的通过，特别是农业所得税，为重建政策制定信誉的进程奠定了基础。继续从税收不足的行业和不合规的行业中调动更多的收入，将使税收制度更加公平和高效。这与联邦和省级支出纪律相结合，将加强可持续性，增强韧性，并减少公共部门对私人信贷的挤出。
“Timely implementation of power tariff adjustments has helped reduce the stock and flow of circular debt. Meanwhile, cost-side reforms are showing early signs of success but need to be accelerated to safeguard the energy sector’s viability and improve Pakistan’s competitiveness.“及时实施电价调整有助于减少循环债务的存量和流量。与此同时，成本侧改革已显示出成功的早期迹象，但需要加快步伐，以维护能源行业的生存能力并提高巴基斯坦的竞争力。
“The State Bank of Pakistan’s (SBP) tight monetary policy stance has been pivotal in reducing inflation to historic lows. Monetary policy should remain appropriately tight and data-dependent to ensure inflation is anchored within the SBP’s target range. A more flexible exchange rate will facilitate the adjustment to external and domestic shocks, aiding the rebuilding of reserves. Prompt action to address undercapitalized financial institutions and vigilance over the financial sector are necessary for financial stability. Strengthening of AML/CFT frameworks is also needed.“巴基斯坦国家银行（SBP）的紧缩货币政策立场对于将通胀降至历史低点至关重要。货币政策应保持适当紧缩并依赖数据，以确保通胀锚定在 SBP 的目标范围内。更灵活的汇率将有助于调整外部和国内冲击，有助于重建外汇储备。迅速采取行动解决资本不足的金融机构问题并对金融部门保持警惕是金融稳定的必要条件。还需要加强 AML/CFT 框架。
“Accelerating structural reforms will unlock Pakistan’s competitiveness, creating conditions to attract high-impact private investment. Reform priorities include reducing trade and investment barriers, advancing SOE reforms, and decisively strengthening governance and anti-corruption institutions.“加速结构性改革将释放巴基斯坦的竞争力，为吸引高影响力的私人投资创造条件。改革重点包括减少贸易和投资壁垒、推进国有企业改革以及果断加强治理和反腐败机构。
“Reducing Pakistan’s vulnerability to extreme weather events will enhance macroeconomic stability and fiscal sustainability. The reforms under the Resilience and Sustainability Facility aim to build resilience to natural disasters by strengthening public investment processes, supporting efficient use of scarce water resources, strengthening coordination of natural disaster response and financing, improving the information on climate-related risks, and supporting Pakistan in meeting its international commitments.”“降低巴基斯坦对极端天气事件的脆弱性将增强宏观经济稳定性和财政可持续性。韧性和可持续性基金下的改革旨在通过加强公共投资流程、支持有效利用稀缺水资源、加强自然灾害响应和融资的协调、改善气候相关风险的信息以及支持巴基斯坦履行其国际承诺来增强对自然灾害的抵御能力。
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