Pakistan received more than $12.1 billion in foreign assistance during the first 11 months of fiscal year 2025-26, reflecting a sharp increase in external financing compared to the same period last year, according to data released by the Ministry of Economic Affairs.
The country secured $12.106 billion between July 2025 and May 2026, up 75.7 percent from $6.891 billion received during the corresponding period of FY25.
The figure does not include the $2 billion disbursed by the International Monetary Fund (IMF) under Pakistan’s $7 billion Extended Fund Facility (EFF). When IMF EFF inflows are included, total external financing received by Pakistan during the period exceeds $14.2 billion.
According to the ministry’s data, foreign loans accounted for the overwhelming majority of inflows, rising 76.4 percent to $11.97 billion from $6.7 billion a year earlier. In contrast, grants declined by 19 percent to $136 million.
Pakistan has budgeted $19.9 billion in external financing for FY26, slightly above the $19.4 billion target set for the previous fiscal year.
The breakdown of inflows shows that project financing contributed $3 billion, while non-project assistance totaled $9.1 billion. Budgetary support loans reached $7.287 billion, against a full-year target of $13.5 billion.
The country also received the entire $1 billion allocation under the Saudi Oil Facility, providing additional support to Pakistan’s external financing requirements.
Multilateral lenders, excluding the IMF, disbursed $3.1 billion, slightly lower than the $3.367 billion received during the same period last year. However, bilateral financing rose significantly to $3 billion, mainly due to additional Saudi deposits.
Pakistan also strengthened its financing position by raising $1 billion through Eurobonds, obtaining a $202 million commercial loan from Standard Chartered Bank, London, and securing $421 million from the IMF’s climate resilience facility.
Despite the overall increase in inflows, financing slowed in May, when Pakistan received $1.03 billion, compared to $4.4 billion in April. Officials attributed the decline largely to the absence of fresh Saudi deposits during the month.
Nevertheless, May’s inflows were still 29 percent higher than the $797 million recorded during the same month in the previous year, indicating continued support from international lenders and development partners.
