Pakistan has paid a total of SDR 1.90 billion (approximately USD 2.69 billion) in interest under multiple IMF programs, including surcharges totaling SDR 401.24 million, spanning from 2008 to June 2025, according to official documents from the Economic Affairs Division (EAD). These payments represent a significant financial commitment by the government in servicing international lending obligations over the past 17 years.
The total disbursement under IMF programs to Pakistan during this period amounted to SDR 17.45 billion. Key programs include the Standby Arrangement of 2008-2010, which provided SDR 4.94 billion, the Emergency Natural Disaster Assistance of 2010 (SDR 297 million), the Extended Fund Facility (EFF) 2013 (SDR 4.39 billion), the Rapid Financing Instrument Loan of 2020 (SDR 3.04 billion), the Standby Arrangement 2023 (SDR 1.02 billion), and the EFF 2024 (SDR 2.25 billion). The government also received SDR 1.52 billion under the Standby Arrangement Programme 2008, demonstrating Pakistan’s long-term reliance on IMF support for fiscal stabilization.
Interest payments have varied across programs and years. Between 2009 and 2015, the government paid SDR 257.5 million in interest under the Standby Arrangement. During the Emergency Natural Disaster Assistance 2010, interest payments totaled SDR 14.5 million for 2010-2015, while the EFF 2013-2025 saw payments of SDR 543.6 million. The Extended Facility 2019 incurred SDR 411.4 million in interest from 2019 to 2025, whereas the Rapid Financing Instrument Loan 2020 attracted SDR 110.1 million in interest. The Standby Arrangement 2023 accounted for SDR 142.23 million in mark-up during 2023-2025, and the EFF 2024 incurred SDR 17.6 million in interest.
The highest annual mark-up paid by Pakistan was SDR 376 million during 2025, followed by SDR 325.79 million in 2023 and SDR 142.6 million in 2022. In contrast, the lowest interest payments were recorded in 2014 (SDR 24 million) and 2015 (SDR 27.6 million), with 2014 being the only year without any surcharge.
Meanwhile, the IMF team reached a staff-level agreement with Pakistan on October 15, marking the second review of the 37-month Extended Arrangement under the EFF and the first review of the 28-month Resilience and Sustainability Facility (RSF). The staff-level agreement, pending approval by the IMF Executive Board, will allow Pakistan access to approximately USD 1.0 billion (SDR 760 million) under the EFF and around USD 200 million (SDR 154 million) under the RSF, bringing total disbursements under the two arrangements to approximately USD 3.3 billion.
EAD officials noted that there is currently no transparent mechanism for tracking the utilization of IMF lending, highlighting ongoing challenges in financial accountability and reporting. Nevertheless, Pakistan’s continuous engagement with IMF programs reflects its efforts to stabilize the economy, manage debt, and secure international support in a volatile fiscal environment.
The extensive history of interest payments underlines the cost of borrowing for macroeconomic stabilization, while the latest staff-level agreement indicates ongoing collaboration with the IMF to sustain Pakistan’s fiscal framework and enable access to additional funding in the near term.
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