Islamabad: The executive board of IMF has scheduled its meeting for December 8 to approve the disbursement of $1.2 billion to Pakistan. This amount will be given to Pakistan under two concurrent programmes.
Pakistan and the IMF reached a Staff-Level Agreement (SLA) on October 14 for the second review of the $7 billion Extended Fund Facility (EFF) and the first review of the $1.4 billion Resilience and Sustainability Fund (RSF). Under the agreement, Pakistan will receive $1 billion from the EFF and $200 million from the RSF. The combined $1.2 billion is expected to be credited to Pakistan’s account on December 9, bringing total disbursements under the two arrangements to about $3.3 billion.
According to the IMF’s board calendar, two separate meetings will be held on December 8 — one each for Pakistan and Somalia.
Before the meeting, Islamabad is expected to publish the long-delayed Governance and Corruption Diagnostic (GCD) Assessment Report, a key structural benchmark under the EFF. The benchmark, originally due by the end of July and subsequently extended twice, remains unmet due to earlier disagreements between Pakistani authorities and IMF experts over technical and factual issues.
An official said both sides have now resolved those differences, and Pakistan has assured the Fund that the report will be released before the board meeting. The GCD assessment, conducted by IMF technical and legal teams in collaboration with international partners such as the OECD and FATF, examines more than 100 governance rules and practices.
The official added that multiple drafts were exchanged and discussed with institutions including the National Accountability Bureau, superior judiciary, investigation agencies, and the ministries of finance and law to ensure the “best outcome” from the exercise.
The two sides also discussed shortening the gap between the publication of the GCD report and the formulation of a governance action plan to implement its recommendations.
An IMF scoping mission visited Pakistan earlier this year and held meetings with the Supreme Court, Law and Justice Division, Auditor General, FBR, State Bank, and parliamentarians. The mission’s report identified weaknesses in public finance management, tax administration, and asset disclosure mechanisms.
Currently, most government officers do not fully disclose their own or their families’ assets to the Establishment Division or tax authorities. Several regulatory bodies are also exempt from such requirements, creating gaps that enable corruption. Consequently, Pakistan continues to rank poorly on global corruption perception indexes.
The IMF has urged Pakistan to introduce data-driven safeguards, due diligence procedures, and anti-corruption guidelines to prevent misuse of public funds and ensure transparency in decision-making. The FATF has similarly flagged governance vulnerabilities and recommended reforms.
The Fund, however, praised Pakistan’s recent macroeconomic performance under the EFF, noting a current account surplus in FY25 — the first in 14 years — along with a stronger fiscal primary balance, contained inflation, and improved investor confidence reflected in narrowing sovereign spreads.
The IMF said flood losses could affect the GDP growth for FY26. The floods affected about seven million people and caused over 1,000 deaths.
