Pakistan’s foreign exchange reserves improved as the International Monetary Fund (IMF) released the much-awaited bailout funds, and friendly nations made deposits of billions in financial support said the central bank.
State Bank of Pakistan (SBP) on Thursday issued a statement, saying foreign exchange reserves of the country climbed to $9.83 billion.
Data shared by the central bank suggest that its reserves moved up by $60 million in one week to $4.52 billion, while the total liquid foreign reserves stood at $9.83 billion, including $5.31 billion in net foreign reserves with commercial banks.
The foreign reserves improved following a $2 billion deposit by Saudi Arabia and another $ 1 billion received from the UAE.
Earlier, Pakistan’s foreign exchange reserves plunged below Rs3 billion on account of external debt payments while the government implemented new tax measures and reach an agreement with a US-based lender.
Amid positive developments on the economic front, Finance Minister Ishaq Dar said the government is eyeing forex reserves to climb $15 billion, as the country’s finance czar pins hopes on funding under the Geneva Donor Conference.
He further mentioned funding from the World Bank (WB), Islamic Development Bank (IDB) and Asian Infrastructure Investment Bank (AIIB).