Bangladesh set to overtake India in income per person this year, IMF says
The IMF puts Bangladesh’s GDP per person at $2,886 this year against India’s $2,749, but India is growing almost twice as fast and is set to regain the lead by 2029.
Topic · Economy
Pakistan and the IMF
Pakistan’s programme with the International Monetary Fund: the money, the reviews, and the conditions behind every budget.
The essentials
Pakistan joined the International Monetary Fund in 1950 and has turned to it for loans more than 20 times. Its current programme, a 37-month Extended Fund Facility of about $7 billion, was approved in September 2024. A further $1.4 billion for climate resilience, under the Resilience and Sustainability Facility, followed in May 2025.
The money comes in instalments, each after a review, roughly every six months, in which IMF staff check Pakistan against agreed targets on tax collection, energy prices, the budget and the exchange rate. A staff-level agreement closes a review; the IMF board’s approval then releases the money.
- Programme
- Extended Fund Facility, about $7bn
- Approved
- September 2024, for 37 months
- Climate loan
- About $1.4bn, approved May 2025
- Latest
- Staff-level deal, October 2026
The latest
October 2026
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22 Oct
ECONOMY
India burns through $90bn defending its rupee, one of Asia’s worst-performing currencies
The Reserve Bank of India has used about $90bn of more than $140bn raised from the diaspora to shore up a currency that has fallen 5% against the dollar this year, the Financial Times reports.
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21 Oct
ECONOMY
IMF urges Pakistan to build on hard-won stability with a fairer, simpler tax system
Jihad Azour said tax reform sits at the centre of Pakistan’s IMF programme, as Muhammad Aurangzeb said the twin deficit had fallen from 12.5 per cent of GDP to 2.6 per cent.
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8 Oct
NEWSROOM
IMF, Pakistan reach staff-level deal potentially unlocking $1.2bn
he International Monetary Fund and Pakistan have reached a staff-level agreement on two programme reviews, potentially unlocking about $1.2 billion in financing, subject to approval by the IMF Executive Board.
July 2026
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22 Jul
ANALYSIS
Pakistan requests $10bn US exchange stabilisation facility, Reuters
Pakistan has formally requested a rare $10 billion exchange stabilisation facility from the United States, according to Reuters. The proposed arrangement could strengthen the country's foreign exchange reserves, support the rupee and mark a significant step forward in bilateral economic relations.
May 2026
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24 May
NEWSROOM
IMF board called Pakistan’s economic performance “exceptional,” officials say
The IMF board called Pakistan's performance "exceptional" in closed-door discussions and India's attempt to block the third review did not prevail. Pakistan receives $1.32 billion. Total disbursements reach $4.8 billion. Officials cited by the Express Tribune. The Thursday Times reports.
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18 May
EDITORIAL
India debates while Pakistan mediates
Senior RSS and military remarks in India have reopened the question of dialogue with Pakistan, exposing the limits of New Delhi’s hardline public posture. At the same time, Islamabad is trying to show that its relevance now extends beyond India, through crisis diplomacy involving Iran, the US, the Gulf, China and multilateral finance.
April 2026
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20 Apr
NEWSROOM
Pakistan to clear remaining $1.5bn UAE debt by April 23
Pakistan is moving to repay the last $1.5 billion of a UAE loan this week after already returning $2 billion, as officials look to an IMF board review expected next month to unlock fresh funding and steady market confidence.
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18 Apr
NEWSROOM
Pakistan seeks faster release of $1.2bn IMF tranche as review nears
Pakistan wants early approval of its next IMF tranche as the country heads into another programme review next month. The move is aimed at protecting reserves, reassuring investors and sustaining a still-fragile sense of economic stability.
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18 Apr
NEWSROOM
Pakistan briefs Rothschild on return to global capital markets
Pakistan is accelerating plans to return to international capital markets, with Finance Minister Muhammad Aurangzeb using meetings in Washington to outline a diversified borrowing strategy that includes Eurobonds, a Panda bond and liability management tools.
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16 Apr
NEWSROOM
Saudi Arabia stabilises Pakistan with $8 billion injection
The package, including an extended $5 billion deposit and a new $3 billion injection, underscores deepening ties between Riyadh and Islamabad while helping Pakistan navigate mounting economic pressures.
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16 Apr
NEWSROOM
Pakistan and US test a new economic opening in Washington
Pakistan and the US are exploring ways to deepen their economic partnership as Finance Minister Muhammad Aurangzeb uses World Bank and IMF meetings in Washington to pitch Pakistan as a resilient and reform-focused economy.
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13 Apr
NEWSROOM
Pakistan’s economic stabilisation earns Fitch affirmation
Pakistan has retained a B- rating from Fitch, with the agency citing reform momentum, improving macroeconomic stability and stronger foreign exchange buffers as reasons for the affirmation, while warning that the economy remains vulnerable to oil shocks.
December 2025
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19 Dec
OPINION
The cost of never moving on
Why Pakistan remains trapped in the emotional afterlife of a failed promise, and why moving forward may require letting one man fade from the centre of politics.
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11 Dec
NEWSROOM
Pakistan’s economy rebounds as IMF praises growth, surplus and reform momentum
Pakistan’s economic recovery has gained credibility after the IMF praised stronger than expected growth, improved external balances and the country’s first current account surplus in fourteen years. The Fund notes that reserves are rising and inflation is contained, though climate risks and reform challenges persist.
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9 Dec
NEWSROOM
Most Pakistanis say they paid no bribe as survey backs state’s stability push
A new nationwide corruption survey paints a cautiously positive picture for Pakistan’s state. Most respondents say they did not pay a bribe in the past year and many acknowledge economic stabilisation, but they also demand stronger accountability, cleaner political funding and real protection for whistleblowers.
August 2025
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14 Aug
NEWSROOM
How IMF Reforms Boosted Pakistan’s Sovereign Credit Rating
Pakistan’s credit rating upgrade to Caa1 reflects IMF-backed fiscal reforms, SOE restructuring, and exchange rate flexibility, boosting global investor confidence.
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13 Aug
NEWSROOM
Moody’s Upgrades Pakistan’s Credit Rating to Caa1 with Stable Outlook
Moody’s Ratings upgrades Pakistan’s credit rating to Caa1 from Caa2 with a stable outlook, citing IMF loan support, fiscal consolidation, and reform compliance.
June 2025
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14 Jun
OPINION
Revenue without reforms
The 2025–26 federal budget, while notable for its aggressive revenue ambitions, fails to articulate a cohesive development vision and ultimately resembles a consolidation mechanism rather than a transformative roadmap.
April 2025
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15 Apr
NEWSROOM
Fitch upgrades Pakistan’s credit rating to ‘B-‘ on economic stability, fiscal reforms, and IMF progress
Fitch has upgraded Pakistan’s credit rating to stable, citing progress in fiscal reforms, improvements in foreign exchange reserves, and continued performance under the IMF programme. The ratings boost signals renewed confidence from international financial institutions in Pakistan’s economic direction.
