Pakistan obtained $695 million in foreign loans in July 2025, reflecting a 59% jump compared to $436.4 million in the same month last year, according to official figures from the Economic Affairs Division (EAD). The disbursement came against the government’s $19.7 billion loan and grant projections for FY26.
World Bank, Saudi Arabia among top contributors
The World Bank emerged as the largest lender, releasing $157.69 million through IDA and another $52.56 million via IBRD financing. Saudi Arabia disbursed $100 million under the Saudi Oil Facility (SOF), part of its $1 billion annual commitment, which is expected to continue through April 2026.
Other bilateral inflows included China ($6m), France ($8.5m), Germany ($2.02m), Japan ($0.81m), Korea ($0.6m), and the USA ($0.19m). Total bilateral loans stood at $118.4 million in July against an annual estimate of $1.277 billion.
Multilateral financing and IMF inflows
Multilateral creditors collectively disbursed $379.88 million during the first month of FY26. Key contributors were:
World Bank IDA: $156.24m
Islamic Development Bank: $131.20m
IBRD: $42.91m
ADB: $33.22m
Meanwhile, Pakistan is expecting $410 million from the IMF this fiscal year under the Resilience Sustainability Facility (RSF), part of the approved $1.4 billion climate finance arrangement. However, the IMF’s Extended Fund Facility (EFF) is not reflected in EAD accounts since it is treated as a balance of payment support at the State Bank of Pakistan.
Naya Pakistan Certificates and policy outlook
In July, inflows from Naya Pakistan Certificates stood at $196.22 million, against the full-year target of $609 million.
The government has also set up a high-powered ministerial committee, chaired by Deputy PM Ishaq Dar, to nominate executive directors at the World Bank and Asian Development Bank. While the WB slot has been finalised, the ADB nomination is still under review.
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