Islamabd July 14 2023: Pakistan central bank reserves boost by $4.2 billion in a week on inflows from IMF and deposits from bilateral creditors.
“State Bank of Pakistan (SBP) has received today a deposit of USD 1.2 billion from IMF, in addtion to earlier deposit of USD 2 billion from Saudi Arabia and $1 billion from United Arab Emirates.These inflows has further increased forex reserves held by SBP and will accordingly be reflected in the forex reserves position for the week ending 14July2023.” says Finance Minister of Pakistan Ishaq Dar.
State Bank of Pakistan (SBP) foreign exchange reserves for the week ending July 7th, 2023, are already at a high of 26 weeks, standing at USD 4,524 million, as per data released by the Central Bank.
At present, coutry total reserves stand at the level of USD 9,838 million as of 7th July 2023.
On Wednesday, the Executive Board of the International Monetary Fund (IMF) approved a 9-month Stand-By Arrangement (SBA) for Pakistan for an amount of SDR2,250 million (about USD 3 billion, or 111 percent of quota) to support the authorities’ economic stabilization program. The remaining amount of USD 1.8 billion would be credited in 9 months, following two quarterly reviews.
“Our target is to further increase reserves to $14-15 billion by end of the government’s term” Dar said.
