Pakistan continues to rely on international financial assistance as concerns grow over the country's long-term economic stability. With repeated bailout packages and limited structural reforms, leading global financial institutions are warning about deep-rooted vulnerabilities. Is Pakistan trapped in a cycle of borrowing, or can meaningful reforms change the country's economic trajectory?

Pakistan's economy running on lifelines 

The International Monetary Fund (IMF) has recently approved a fresh $2.3 billion package for Pakistan. Out of this, $1 billion will be given immediately under the Extended Fund Facility (EFF), and $1.3 billion will come through a new Resilience and Sustainability Facility (RSF).
India chose not to vote on the package, pointing to Pakistan&rsquo;s continued support for cross-border terrorism. 
This development highlights a recurring pattern: Each time Pakistan knocks on the doors of the International Monetary Fund, it arrives with the same pitch: economic distress, low foreign exchange reserves, and inability to meet its external obligations. Each time, the IMF responds with a package, structured, conditional, but ultimately forgiving.
Also read: <a href="https://www.wionews.com/india-news/indo-pak-war-can-pakistan-use-f-16s-against-india-operation-sindoor-pakistan-drone-attack-pahalgam-terror-attack-9050088" rel="dofollow noopener" target="_blank">Indo-Pak War: Can Pakistan use F-16s against India? Here&rsquo;s what the rules say</a>
But one thing remains consistent: Pakistan&rsquo;s military budget stays high, regardless of the economic condition or foreign aid it receives.
<figure class="image"><img alt="Pakistan's IMF funding vs military spending" src="https://img-cdn.publive.online/fit-in/3200x1600/filters:format(webp)/wion/media/media_files/2025/05/12/tV8lmGOPvRCFSBG8aTjv.png" style="width: 3200px;">
<figcaption>Pakistan's IMF funding vs military spending Photograph: (WION)</figcaption>
</figure>
&nbsp;
<h2>Military budgets remain high even during bailouts</h2>
From 1999 to 2023, Pakistan received more than $22 billion in IMF disbursements. These funds were aimed at stabilising the country&rsquo;s struggling economy and addressing balance-of-payments issues.
Yet in that same period, Pakistan spent over $180 billion on its military, often five to ten times more than the IMF money it got each year.
Also read: <a href="https://www.wionews.com/india-news/how-pakistan-got-the-nuclear-bomb-india-pahalgam-terror-attack-9007958" rel="dofollow noopener" target="_blank">'Will go hungry, but get the bomb&rsquo;: How Pakistan got its first nuclear bomb? A story of desperation, fear, and rivalry with India</a>
For instance, in 1999, Pakistan received about $611 million from the IMF, while spending $3.08 billion on defence. The pattern continued year after year, more aid came in, and more was spent on the military.
<figure class="tinymce-table-div">
<table xmlns="http://www.w3.org/1999/xhtml" cellspacing="0" cellpadding="0" dir="ltr" border="1" data-sheets-root="1" data-sheets-baot="1" style="width: 697px; height: 684px;"><colgroup><col width="100" style="width: 231.667px;"><col width="100" style="width: 231.667px;"><col width="100" style="width: 231.667px;"></colgroup>
<tbody>
<tr>
<td>Year</td>
<td>IMF Funding in USD</td>
<td>
<div>
<div>Military Spending By Pakistan</div>
</div>
</td>
</tr>
<tr>
<td>1999</td>
<td>$611.6 million</td>
<td>3.08 billion</td>
</tr>
<tr>
<td>2000</td>
<td>$205.5 million</td>
<td>2.97 billion</td>
</tr>
<tr>
<td>2001</td>
<td>$505.5 million</td>
<td>2.84 billion</td>
</tr>
<tr>
<td>2002</td>
<td>$348.9 million</td>
<td>3.27 billion</td>
</tr>
<tr>
<td>2003</td>
<td>$499.6 million</td>
<td>3.72 billion</td>
</tr>
<tr>
<td>2004</td>
<td>$256.7 million</td>
<td>4.13 billion</td>
</tr>
<tr>
<td>2005</td>
<td>0</td>
<td>4.59 billion</td>
</tr>
<tr>
<td>2006</td>
<td>0</td>
<td>4.97 billion</td>
</tr>
<tr>
<td>2007</td>
<td>0</td>
<td>5.34 billion</td>
</tr>
<tr>
<td>2008</td>
<td>$3.18 billion</td>
<td>5.23 billion</td>
</tr>
<tr>
<td>2009</td>
<td>$3.30 billion</td>
<td>5.27 billion</td>
</tr>
<tr>
<td>2010</td>
<td>$1.64 billion</td>
<td>5.97 billion</td>
</tr>
<tr>
<td>2011</td>
<td>0</td>
<td>6.95 billion</td>
</tr>
<tr>
<td>2012</td>
<td>0</td>
<td>7.48 billion</td>
</tr>
<tr>
<td>2013</td>
<td>$1.09 billion</td>
<td>7.66 billion</td>
</tr>
<tr>
<td>2014</td>
<td>$2.16 billion</td>
<td>8.68 billion</td>
</tr>
<tr>
<td>2015</td>
<td>$2.03 billion</td>
<td>9.51 billion</td>
</tr>
<tr>
<td>2016</td>
<td>$1.10 billion</td>
<td>10.00 billion</td>
</tr>
<tr>
<td>2017</td>
<td>0</td>
<td>11.38 billion</td>
</tr>
<tr>
<td>2018</td>
<td>0</td>
<td>11.54 billion</td>
</tr>
<tr>
<td>2019</td>
<td>$1.44 billion</td>
<td>10.22 billion</td>
</tr>
<tr>
<td>2020</td>
<td>$1.41 billion</td>
<td>10.24 billion</td>
</tr>
<tr>
<td>2021</td>
<td>$500.5 million</td>
<td>11.65 billion</td>
</tr>
<tr>
<td>2022</td>
<td>$2.22 billion</td>
<td>10.36 billion</td>
</tr>
<tr>
<td>2023</td>
<td>$1.20 billion</td>
<td>8.52 billion</td>
</tr>
</tbody>
</table>
</figure>
<h2>Military spending through the years</h2>
Here's a comparison of some key years showing IMF bailouts versus Pakistan&rsquo;s military spending:
2008 (Global Financial Crisis)
IMF aid: $3.1 billion
Military spending: $5.23 billion
2013&ndash;2014 (Debt and Energy Crisis)
IMF aid: $2.18 billion
Military spending: $8.68 billion
2019 (Balance of Payments Crisis)
IMF aid: $1.37 billion
Military spending: $10.4 billion
2022 (Pandemic and inflation)
IMF aid: $2.18 billion
Military spending: $10.34 billion
Even as the IMF sent money to help stabilise the economy, defence budgets remained unaffected. Fuel subsidies were slashed, taxes were increased, and inflation hit record highs, but the military continued to get its share.
Also read: <a href="https://www.wionews.com/india-news/inside-india-pakistans-nuclear-arsenals-who-has-more-and-what-would-happen-if-new-delhi-islamabad-unleash-their-nukes-pahalgam-terror-attack-9007737" rel="dofollow noopener" target="_blank">Inside India, Pakistan&rsquo;s nuclear arsenals: Who has more, and what would happen if New Delhi, Islamabad unleash their nukes?</a>
<h2>In 2023, defence spending was nearly 7 times the IMF aid</h2>
In 2023, Pakistan faced a risk of default, and inflation soared above 30%. The IMF disbursed $1.2 billion. But during that same year, Pakistan&rsquo;s military budget stood at $8.52 billion, nearly seven times the aid.
In 2021, the <a href="https://www.wionews.com/tags/imf" rel="dofollow noopener" target="_blank">IMF</a> asked Pakistan to raise taxes and cut energy subsidies. Instead, the country raised its defence budget to $11.84 billion, its highest in recent memory.
IMF programmes typically come with strict conditions: Raise taxes, reduce subsidies, and cut government spending.
But Pakistan&rsquo;s military budget has remained largely outside these conditions.
<h2>A 25-year pattern with no reforms</h2>
What&rsquo;s clear is that this isn&rsquo;t a one-off case. Over the last 25 years, Pakistan has followed a consistent pattern:
IMF loans increase &rarr; Military spending increases faster
Economic crises worsen &rarr; Military budgets remain untouched
Austerity hits civilians &rarr; Defence remains protected
Pakistan&rsquo;s economic challenges are routinely treated as external issues of bad debt, weak exports, etc. But they are deeply political. The military&rsquo;s dominance of national resources takes precedence over civilian priorities like education, healthcare, and development.
The numbers show this isn&rsquo;t just a question of prioritisation but it's how Pakistan governs.

India news: From 1999 to 2023, Pakistan received more than $22 billion in IMF disbursements. These funds were aimed at stabilising the country’s struggling economy and addressing balance-of-payments issues.

The International Monetary Fund (IMF) has recently approved a fresh $2.3 billion package for Pakistan. Out of this, $1 billion will be given immediately under the Extended Fund Facility (EFF), and $1.3 billion will come through a new Resilience and Sustainability Facility (RSF). India chose not to vote on the package, pointing to Pakistan’s continued support for cross-border terrorism. This development highlights a recurring pattern: Each time Pakistan knocks on the doors of the International Monetary Fund, it arrives with the same pitch: economic distress, low foreign exchange reserves, and inability to meet its external obligations. Each time, the IMF responds with a package, structured, conditional, but ultimately forgiving. Also read: Indo-Pak War: Can Pakistan use F-16s against India? Here’s what the rules say But one thing remains consistent: Pakistan’s military budget stays high, regardless of the economic condition or foreign aid it receives. Pakistan's IMF funding vs military spending Photograph: (WION) Military budgets remain high even during bailouts From 1999 to 2023, Pakistan received more than $22 billion in IMF disbursements. These funds were aimed at stabilising the country’s struggling economy and addressing balance-of-payments issues. Yet in that same period, Pakistan spent over $180 billion on its military, often five to ten times more than the IMF money it got each year. Also read: 'Will go hungry, but get the bomb’: How Pakistan got its first nuclear bomb? A story of desperation, fear, and rivalry with India For instance, in 1999, Pakistan received about $611 million from the IMF, while spending $3.08 billion on defence. The pattern continued year after year, more aid came in, and more was spent on the military. Year IMF Funding in USD Military Spending By Pakistan 1999 $611.6 million 3.08 billion 2000 $205.5 million 2.97 billion 2001 $505.5 million 2.84 billion 2002 $348.9 million 3.27 billion 2003 $499.6 million 3.72 billion 2004 $256.7 million 4.13 billion 2005 0 4.59 billion 2006 0 4.97 billion 2007 0 5.34 billion 2008 $3.18 billion 5.23 billion 2009 $3.30 billion 5.27 billion 2010 $1.64 billion 5.97 billion 2011 0 6.95 billion 2012 0 7.48 billion 2013 $1.09 billion 7.66 billion 2014 $2.16 billion 8.68 billion 2015 $2.03 billion 9.51 billion 2016 $1.10 billion 10.00 billion 2017 0 11.38 billion 2018 0 11.54 billion 2019 $1.44 billion 10.22 billion 2020 $1.41 billion 10.24 billion 2021 $500.5 million 11.65 billion 2022 $2.22 billion 10.36 billion 2023 $1.20 billion 8.52 billion Military spending through the years Here's a comparison of some key years showing IMF bailouts versus Pakistan’s military spending: 2008 (Global Financial Crisis) IMF aid: $3.1 billion Military spending: $5.23 billion 2013–2014 (Debt and Energy Crisis) IMF aid: $2.18 billion Military spending: $8.68 billion 2019 (Balance of Payments Crisis) IMF aid: $1.37 billion Military spending: $10.4 billion 2022 (Pandemic and inflation) IMF aid: $2.18 billion Military spending: $10.34 billion Even as the IMF sent money to help stabilise the economy, defence budgets remained unaffected. Fuel subsidies were slashed, taxes were increased, and inflation hit record highs, but the military continued to get its share. Also read: Inside India, Pakistan’s nuclear arsenals: Who has more, and what would happen if New Delhi, Islamabad unleash their nukes? In 2023, defence spending was nearly 7 times the IMF aid In 2023, Pakistan faced a risk of default, and inflation soared above 30%. The IMF disbursed $1.2 billion. But during that same year, Pakistan’s military budget stood at $8.52 billion, nearly seven times the aid. In 2021, the IMF asked Pakistan to raise taxes and cut energy subsidies. Instead, the country raised its defence budget to $11.84 billion, its highest in recent memory. IMF programmes typically come with strict conditions: Raise taxes, reduce subsidies, and cut government spending. But Pakistan’s military budget has remained largely outside these conditions. A 25-year pattern with no reforms What’s clear is that this isn’t a one-off case. Over the last 25 years, Pakistan has followed a consistent pattern: IMF loans increase → Military spending increases faster Economic crises worsen → Military budgets remain untouched Austerity hits civilians → Defence remains protected Pakistan’s economic challenges are routinely treated as external issues of bad debt, weak exports, etc. But they are deeply political. The military’s dominance of national resources takes precedence over civilian priorities like education, healthcare, and development. The numbers show this isn’t just a question of prioritisation but it's how Pakistan governs.

WION DataLabs: Pakistan got $22 billion from the IMF in 25 years, but spent $185 billion on its military

The International Monetary Fund's board (IMF) on Wednesday (Sep 25) approved a $7 billion Extended Fund Facility (EFF) for cash-strapped Pakistan, providing a critical boost to the country's struggling economy.

The development was announced by the Prime Minister's Office (PMO) while a statement is expected from the IMF. The PMO said the premier expressed his satisfaction with the programme's approval.

"The implementation of economic reforms is going on rapidly, he said, adding that the government would continue to work hard to achieve goals related to economic development after achieving economic stability.

The prime minister said the increase in business activities and investment in the country was welcome and a testament to the hard work of the economic team, Dawn newspaper reported.

Along with the successes on the diplomatic front, the increase in remittances from Pakistanis living abroad is a reflection of their confidence in the government's policies, he said, adding that the government was grateful to the Pakistani community.

If the same hard work continues, God willing, this will be Pakistan's last IMF programme, Shehbaz said.

The $7 billion bailout package was approved after Pakistan promised to overhaul its agriculture income tax, transfer some fiscal responsibilities to provinces and take the most expensive loan in the nation's history, the Express Tribune reported.

<a href="https://www.wionews.com/videos/imf-warns-of-challenges-ahead-for-pak-economy-725192">Watch |&nbsp;IMF warns of challenges ahead for Pak economy</a>

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The first tranche of $ 1.1 billion is likely to be released by September 30, 2024, Geo News reported.

The interest rate on loans is less than 5 per cent, according to sources in the Ministry of Finance, and the IMF may disburse the second installment within this fiscal year.

Confirming the development, State Bank of Pakistan (SBP) Governor Jameel Ahmed said that Islamabad would receive the first tranche of $ 1.10 billion, adding that the country has fulfilled all demands of the global lender, the report said.

PM Shehbaz, in a statement issued from the sidelines of the UN General Assembly in New York, voiced satisfaction over the approval of the loan programme and thanked IMF Managing Director Kristalina Georgieva and her entire team.

<a href="https://www.wionews.com/south-asia/pakistan-announces-sweeping-privatisation-plan-amid-imf-loan-negotiations-721431">Also read |&nbsp;Pakistan announces sweeping privatisation plan amid IMF loan negotiations</a>

He also thanked the friendly countries, particularly Saudi Arabia, China, and the United Arab Emirates (UAE), for helping Pakistan secure the bailout package.

Saying that the implementation of economic reforms is vigorously underway, the premier said that the government would continue to work hard to achieve goals related to economic development after reaching stability.

The cash-strapped country had to undertake a slew of measures demanded by the IMF, including broadening the tax next, enforcing tax on agricultural income, and increasing the electricity and natural gas prices.

Disclaimer: This story has been published from a news agency feed with minimal edits to adhere to WION's style guide. The headline may have been changed to better reflect the content of the story or to make it more suitable for WION audience.

The International Monetary Fund's board (IMF) on Wednesday (Sep 25) approved a $7 billion Extended Fund Facility (EFF) for cash-strapped Pakistan, providing a critical boost to the country's struggling economy.

The International Monetary Fund's board (IMF) on Wednesday (Sep 25) approved a $7 billion Extended Fund Facility (EFF) for cash-strapped Pakistan, providing a critical boost to the country's struggling economy. The development was announced by the Prime Minister's Office (PMO) while a statement is expected from the IMF. The PMO said the premier expressed his satisfaction with the programme's approval. "The implementation of economic reforms is going on rapidly, he said, adding that the government would continue to work hard to achieve goals related to economic development after achieving economic stability. The prime minister said the increase in business activities and investment in the country was welcome and a testament to the hard work of the economic team, Dawn newspaper reported. Along with the successes on the diplomatic front, the increase in remittances from Pakistanis living abroad is a reflection of their confidence in the government's policies, he said, adding that the government was grateful to the Pakistani community. If the same hard work continues, God willing, this will be Pakistan's last IMF programme, Shehbaz said. The $7 billion bailout package was approved after Pakistan promised to overhaul its agriculture income tax, transfer some fiscal responsibilities to provinces and take the most expensive loan in the nation's history, the Express Tribune reported. Watch | IMF warns of challenges ahead for Pak economy × The first tranche of $ 1.1 billion is likely to be released by September 30, 2024, Geo News reported. The interest rate on loans is less than 5 per cent, according to sources in the Ministry of Finance, and the IMF may disburse the second installment within this fiscal year. Confirming the development, State Bank of Pakistan (SBP) Governor Jameel Ahmed said that Islamabad would receive the first tranche of $ 1.10 billion, adding that the country has fulfilled all demands of the global lender, the report said. PM Shehbaz, in a statement issued from the sidelines of the UN General Assembly in New York, voiced satisfaction over the approval of the loan programme and thanked IMF Managing Director Kristalina Georgieva and her entire team. Also read | Pakistan announces sweeping privatisation plan amid IMF loan negotiations He also thanked the friendly countries, particularly Saudi Arabia, China, and the United Arab Emirates (UAE), for helping Pakistan secure the bailout package. Saying that the implementation of economic reforms is vigorously underway, the premier said that the government would continue to work hard to achieve goals related to economic development after reaching stability. The cash-strapped country had to undertake a slew of measures demanded by the IMF, including broadening the tax next, enforcing tax on agricultural income, and increasing the electricity and natural gas prices. Disclaimer: This story has been published from a news agency feed with minimal edits to adhere to WION's style guide. The headline may have been changed to better reflect the content of the story or to make it more suitable for WION audience.

IMF approves $7 billion loan for cash-strapped Pakistan

The IMF fund programme for cash-strapped Pakistan may not be back on tracks in a formal way very soon as the authorities in the country struggle with difficult political and economic conditions, a media report said on Friday.

The International Monetary Fund Executive board approved a three-year, USD 6 billion loan package for Pakistan in July last year to rein in mounting debts and stave off a looming balance of payments crisis, in exchange for tough austerity measures, the Dawn newspaper reported.

However, the programme has been in limbo since January this year and a second quarterly review of the 39-month facility could not be completed.

"The IMF fund programme for Pakistan may not be back on tracks in a formal way very soon as the authorities in the country struggle with difficult political and economic conditions," the report said.

While the two sides are currently involved in setting timelines for revised structural benchmarks, the government wants some nascent feel-good factor in some economic indicators to take root before the IMF's usually contractionary fiscal and monetary stances come into play, the report said.

Pakistan approached the IMF in August 2018 for a bailout package after Prime Minister Imran Khan's government took over.

Despite loans from China, Saudi Arabia and the UAE, Prime Minister Khan's government was forced to turn to the IMF due to mounting economic problems amidst the COVID-19 pandemic.

In the same direction, according to informed sources, the government wants to extend the support package for construction to continue until June, instead of its expiry in December, as it is driving the industrial sector activities and growth in related areas while foreign exchange reserves and exchange rate are in comfortable position owing to better remittances.

Special Secretary and spokesperson of Finance Department Kamran Ali Afzal said consultations with the IMF were taking place on a daily basis, sometimes twice a day, on structural benchmarks and their timings.

He agreed that approval of two key bills relating to the National Electric Power Regulatory Authority (NEPRA) and the State Bank of Pakistan (SBP) would become "prior actions"&nbsp;and a way forward on power sector reforms and revenue generation would be necessary for "restoration of the programme in a formal way".

His understanding was the two laws would become prior actions because these were not related to COVID-19, but power sector reforms and revenue side items could be readjusted as they were affected by the pandemic and remained key challenges.

He said slippage on structural benchmarks under the IMF programme had to become a prior action in subsequent review "unless waiver is given by the fund".

Replying to a question, he said the formal review mission of the fund would be arranged once these advisory and consultative discussions took a clear direction.

Afzal said the second wave of the coronavirus had put the country in a difficult situation, otherwise things were moving in the right direction.

He said the revenue collection had grown by 4.7 per cent in four months and ?concrete signs of recovery are emerging? like in the shape of improvement in large scale manufacturing and some crops but it was too early to believe that aggregate growth was also emerging.

Afzal said that not only the IMF but also other lenders like the World Bank and Asian Development Bank were supportive of the government in passing through difficult times and their engagements in advisory roles were positive.

He said the IMF had extended a USD 1.4 billion rapid financing instrument soon after COVID-19 broke out early this year, the World Bank advanced its loan programmes and so did the ADB and Asian Infrastructure Development Bank.&nbsp;

The IMF fund programme for cash-strapped Pakistan may not be back on tracks in a formal way very soon as the authorities in the country struggle with difficult political and economic conditions, a media report said on Friday.

The IMF fund programme for cash-strapped Pakistan may not be back on tracks in a formal way very soon as the authorities in the country struggle with difficult political and economic conditions, a media report said on Friday. The International Monetary Fund Executive board approved a three-year, USD 6 billion loan package for Pakistan in July last year to rein in mounting debts and stave off a looming balance of payments crisis, in exchange for tough austerity measures, the Dawn newspaper reported. However, the programme has been in limbo since January this year and a second quarterly review of the 39-month facility could not be completed. "The IMF fund programme for Pakistan may not be back on tracks in a formal way very soon as the authorities in the country struggle with difficult political and economic conditions," the report said. While the two sides are currently involved in setting timelines for revised structural benchmarks, the government wants some nascent feel-good factor in some economic indicators to take root before the IMF's usually contractionary fiscal and monetary stances come into play, the report said. Pakistan approached the IMF in August 2018 for a bailout package after Prime Minister Imran Khan's government took over. Despite loans from China, Saudi Arabia and the UAE, Prime Minister Khan's government was forced to turn to the IMF due to mounting economic problems amidst the COVID-19 pandemic. In the same direction, according to informed sources, the government wants to extend the support package for construction to continue until June, instead of its expiry in December, as it is driving the industrial sector activities and growth in related areas while foreign exchange reserves and exchange rate are in comfortable position owing to better remittances. Special Secretary and spokesperson of Finance Department Kamran Ali Afzal said consultations with the IMF were taking place on a daily basis, sometimes twice a day, on structural benchmarks and their timings. He agreed that approval of two key bills relating to the National Electric Power Regulatory Authority (NEPRA) and the State Bank of Pakistan (SBP) would become "prior actions" and a way forward on power sector reforms and revenue generation would be necessary for "restoration of the programme in a formal way". His understanding was the two laws would become prior actions because these were not related to COVID-19, but power sector reforms and revenue side items could be readjusted as they were affected by the pandemic and remained key challenges. He said slippage on structural benchmarks under the IMF programme had to become a prior action in subsequent review "unless waiver is given by the fund". Replying to a question, he said the formal review mission of the fund would be arranged once these advisory and consultative discussions took a clear direction. Afzal said the second wave of the coronavirus had put the country in a difficult situation, otherwise things were moving in the right direction. He said the revenue collection had grown by 4.7 per cent in four months and ?concrete signs of recovery are emerging? like in the shape of improvement in large scale manufacturing and some crops but it was too early to believe that aggregate growth was also emerging. Afzal said that not only the IMF but also other lenders like the World Bank and Asian Development Bank were supportive of the government in passing through difficult times and their engagements in advisory roles were positive. He said the IMF had extended a USD 1.4 billion rapid financing instrument soon after COVID-19 broke out early this year, the World Bank advanced its loan programmes and so did the ADB and Asian Infrastructure Development Bank.

IMF programme for Pakistan unlikely to be back on track soon, report says

The Imran Khan govt used Coronavirus relief money on self-promotion and to pay electricity bills, now the International Monetary Fund has asked Pakistan to freeze all non-development expenditures including the military budget.

Gravitas: IMF tells Pakistan to freeze defence expenditure

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Pakistan's economy running on lifelines

WION DataLabs: Pakistan got $22 billion from the IMF in 25 years, but spent $185 billion on its military

IMF approves $7 billion loan for cash-strapped Pakistan

IMF programme for Pakistan unlikely to be back on track soon, report says

Gravitas: IMF tells Pakistan to freeze defence expenditure