Pakistan’s foreign reserves to cross $13 billion: finance minister
KARACHI, Pakistan (AA): Pakistan’s foreign reserves will cross $13 billion after a crucial financial assistance deal with the International Monetary Fund (IMF) late last month, the country’s finance minister has said.
Of these $13 billion, some $8.6 billion are held by the country’s central bank, while the remaining are with the commercial banks.
Islamabad received $1.2 billion of the total $3 billion IMF package, raising the foreign funding to $4.2 billion in the last three days, Ishaq Dar said in a televised speech.
Saudi Arabia and the United Arab Emirates injected $2 billion and $1 billion, respectively, into Pakistan’s troubled economy earlier in the week.
With the fresh transfers, he said, the country’s forex reserves will reach $13-14 billion by the end of the week. The State Bank of Pakistan will announce the exact numbers, he added.
Dar said that Islamabad would receive the remaining $1.8 billion from the IMF after two reviews in November this year and February 2024.
On June 30, Pakistan signed a nine-month IMF agreement under a standby arrangement for $3 billion.
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