Pakistan mobilized $4.5 billion in foreign financing from multilateral and bilateral sources during the first half of the current fiscal year (July–December 2025), marking a notable increase from $3.6 billion raised in the same period last year, according to official data reported by the Economic Affairs Division (EAD).
The reported figure excludes the $1 billion disbursed under the International Monetary Fund’s (IMF) Extended Fund Facility (EFF), which was released following the completion of the second review and the disbursement of the third tranche.
However, the first installment of $209.5 million under the IMF’s Resilience and Sustainability Facility (RSF) has been included in the EAD records.
Despite the uptick in foreign loans, Pakistan did not issue any international bonds during the first half of FY26.
Earlier announcements by the Finance Ministry had indicated plans to return to the international bond market, with potential issuance of a dollar-denominated Eurobond or Sukuk later in 2026.
