ISLAMABAD: Foreign assistance inflows to Pakistan increased by more than 25 per cent to $4.5 billion in July-December 2025-26, mainly on the back of programme support of the International Monetary Fund (IMF).

The total inflows (excluding IMF), both loans and grants, in the first six months of the current fiscal year, amounted to $4.507bn, up from $3.603bn last year, an increase of 25pc. Inflows in December alone amounted to $1.475bn, uplifting total flows by more than 48pc from $3.032bn in five months.

Inflows in December 2025 were almost 59pc higher than the $930m in December 2024 and significantly greater than the $511m in November and $471m in October 2025.

These inflows do not include $1.2bn disbursed by the International Monetary Fund (IMF) earlier this month, bringing the cumulative inflows in 6MFY26 to $5.7bn.

Of the total, foreign loan inflows in 6MFY26 amounted to $4.445bn, up from $2.673bn in the corresponding period last year, an increase of over 66pc. Grants, on the other hand, amounted to just $62.5m, compared to $99m in December last year, showing a 37pc fall.

The target for total foreign inflows for FY26 has been set at $19.9bn, up from $19.4bn last year.

The Ministry of Economic Affairs on Tuesday said it had received $4.507bn in total foreign inflows in the first six months of the year, compared with $3.603bn in the same period last year.

The EAD said that of the $4.507bn in inflows, $1.726bn were received for project financing, while non-project inflows amounted to $2.781bn.

This meant about $1.628bn loans were received in six months for budget support. This is despite the annual budget support target being set at $13.5bn, down from $15bn last year.

The authorities were also able to mobilise $600 m against the Saudi Oil facility in six months, at a set rate of $100 m per month, against an annual target of $1 bn.

Against a full-year target of $5bn from multilaterals (excluding IMF), Pakistan received only $1.967bn in 6MFY26 from multilateral lenders, down from $1.864bn in the same period last year, when the annual target was $4.5bn. Total inflows from bilateral lenders (excluding three strategic friendly countries) in 6MFY26 amounted to $1.072m, against an annual target of $1.36bn, but were 235pc higher than $312m in the same period last year, when the full-year target was $523m.

Total inflows from bilateral and multilateral lenders amounted to $3.04bn in 6MFY26, against the annual target of $6.4 bn. Last year, the government had secured $2.172bn from bilateral and multilateral sources, falling short of the yearly target of $5.05bn.

The World Bank took over the top multilateral lender, with $802m in disbursements in the first half, up from $492m last year, a 63pc surge. Conversely, the Asian Development Bank dropped to second place with $609m in disbursements this fiscal year, a 63pc fall from last year’s $373m. The Islamic Development Bank increased its disbursements to $535m in the first six months of this year, a 234pc increase, mostly ($484m) in short-term credit to make up for lower commercial loans from foreign banks.

Inflows from overseas Pakistanis increased to $1.2bn in 6MFY26, up from $928m last year, in the form of Naya Pakistan Certificates.

Published in Dawn, January 22nd, 2026