Pakistan’s foreign exchange reserves held by the State Bank of Pakistan (SBP) have decreased by $119 million to $4.2 billion as of May 19. This is still at a critical level of around a month of import cover. The country’s overall liquid foreign reserves stand at $9.73 billion, with net foreign reserves held by commercial banks being $5.54 billion. The SBP has stated that the decrease is due to external debt repayments. Pakistan received a boost to its reserves after receiving $2 billion in total from Chinese institutions, including $300 million from the Industrial and Commercial Bank of China Ltd. The faltering dollar reserves highlight the need for revival of talks with the International Monetary Fund (IMF), with delays taking a toll on the economy and raising concerns about Pakistan’s balance of payments position. The IMF is looking to obtain necessary financing assurances to pave the way for successful completion of the Extended Fund Facility review. Despite the delays, Finance Minister Ishaq Dar has stated that Pakistan will not default.

>Source link>

>>Join our Facebook Group be part of community. <<

By hassani

Leave a Reply

Your email address will not be published. Required fields are marked *