By Abdul Ghani

Pakistan repaid $81.93 million to the International Monetary Fund (IMF) during the first two months of 2026, according to a document available with Wealth Pakistan. According to the document, repayments for January-February 2026 stood at SDR (Special Drawing Rights) 59,666,666.

Despite the limited repayments so far in 2026, Pakistan’s overall obligations to the IMF remain substantial due to multiple borrowing arrangements over the years. The country has availed itself of several major IMF programmes, including the Stand-By Arrangement (SBA) and the Extended Fund Facility (EFF), aimed at addressing a balance of payments crisis and supporting macroeconomic stabilisation.

Cumulatively, Pakistan has repaid over SDR 11 billion under various IMF programmes since 2008. These include significant repayments under the 2008 Stand-By Arrangement, the 2013 Extended Fund Facility, and more recent programmes initiated in 2019 and beyond to counter economic shocks, including those triggered by the Covid-19 pandemic.

Repayments under the 2008 SBA alone exceed SDR 4.93 billion, while those under the 2013 EFF cross SDR 4.32 billion, reflecting the scale of past borrowing and subsequent debt servicing commitments.

Additionally, repayments are being made against more recent facilities such as the Rapid Financing Instrument (RFI) and other emergency assistance windows. These obligations are spread over several years, resulting in a staggered repayment schedule.

The repayment burden in early 2026 remains manageable; however, the overall IMF exposure continues to pose medium-term challenges. Sustained fiscal discipline, structural reforms, and improved external inflows will be crucial to ensuring that future repayments are met without exerting undue pressure on Pakistan’s fragile external sector.

Credit: INP-WealthPk