Pakistan set to unlock $2.3bn under EFF & RSF, says IMF spokesperson – Markets

Pakistan will gain access to a total of $2.3 billion under the Extended Fund Facility (EFF) and the Resilience and Sustainability Facility (RSF) following the Staff-Level Agreements (SLA), IMF spokesperson Julie Kozack said.

Responding to queries in a scheduled press briefing on Thursday, Kozack said that on September 25 2024, the IMF’s Executive Board approved a $7 billion 37-month Extended Fund Facility (EFF) for Pakistan.

“The first review mission took place recently and a Staff-Level Agreement (SLA) was reached on March 25, 2025. In addition to reaching a SLA on the EFF arrangement for the first review, there was also a SLA reached on the Resilience and Sustainability Facility (RSF) on March 25,” Kozack said on Thursday.

“Under the EFF, once approved by the IMF Executive Board, would enable Pakistan to have access to about $1 billion in disbursement.

“For the RSF, over the length of the arrangement, the SLA references an amount of $1.3 billion and that access would be over the life of the RSF delivered in tranches,” she said.

On Tuesday, the IMF staff reached a deal with Pakistan for a new $1.3 billion arrangement and also agreed on the first review of the ongoing 37-month bailout programme.

Pending IMF’s Executive Board approval, Islamabad can unlock the $1.3 billion under a new climate resilience loan programme spanning 28 months.

It will also free $1 billion for Pakistan under the $7 billion bailout programme, which would bring those disbursements to $2 billion.

The development came after an IMF team, led by Nathan Porter, held discussions during a February 24-March 14, 2025 mission to Karachi and Islamabad, and later virtually.

The Pakistani authorities and the IMF team reached a staff-level agreement on the EFF in the amount equivalent to SDR 5,320 million (or about $7 billion) on July 12, 2024, which was later approved by the IMF’s Executive Board in the last week of September.

Analysts believe the IMF programme is crucial as it gives the government a roadmap for economic reforms while providing a cushion to the country’s foreign exchange reserves.