Pakistan’s Foreign Exchange Reserves Rise by $66 Million to $3.258 Billion

(CTN News) – On Thursday, the State Bank of Pakistan (SBP) said that Pakistan’s foreign exchange reserves increased by $66 million, to $3.258 billion, in the week ending February 17.

The SBP said the country’s foreign currency cash reserves were $8.726 billion.

Total liquid foreign #reserves held by the country stood at US$ 8.73 billion as of February 17, 2023.
For details https://t.co/WpSgomnd3v pic.twitter.com/5BM0gGKRVG

— SBP (@StateBank_Pak) February 23, 2023

Pakistan’s Economy Struggles with Balance of Payment Crisis

A balance of payment problem has left Pakistan with a $350 billion economy, with only enough foreign exchange reserves to fund imports for three weeks.

This month, an agreement with the International Monetary Fund (IMF) is expected to be finalized, opening the door for Islamabad to receive foreign finance infusions.

If the contract with the IMF is finalized and authorized by its board, it will release $1 billion in funding and additional bilateral and multilateral inflows.

A reliable source informed Dawn on February 28 that the staff-level agreement between Pakistan and the IMF will be signed on March 1. The insider predicts that the IMF board of governors will convene in the first week of March.

Meanwhile, on Wednesday, Finance Minister Ishaq Dar said that a $700 million credit facility had been authorized by the China Development Bank (CDB) board for Pakistan.

The minister said the money would be sent to the central bank this week to replenish the country’s depleted foreign exchange reserves.

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