KARACHI: Pakistan’s foreign exchange reserves with its central bank surged to $9.12 billion on Thursday, data from the State Bank of Pakistan (SBP) after Islamabad received the final tranche of $1.1 billion from the International Monetary Fund (IMF) last month.
The SBP confirmed on April 30 that Pakistan had received the final tranche of $1.1 billion as part of a $3 billion IMF loan program it entered last summer.
The South Asian country is expected to hold discussions this month with an IMF mission for a “larger and longer” program that Islamabad hopes would help avert its macroeconomic crisis.
“Foreign reserves held by the State Bank of Pakistan total $ 9,120.3 million,” the SBP said in a statement. It added that total reserves held by the country stood at $ 14,458.9 million, out of which net foreign reserves worth $ 5,338.6 million were by commercial banks.
Pakistan has been struggling with a chronic economic crisis since April 2022 that has seen its foreign exchange reserves plummet to historic lows and its national currency depreciate significantly against the US dollar.
The South Asian country has turned to international financial institutions and multilateral partners to secure external financing in a bid to stave off a balance of payment crisis.
Desperate to shore its foreign reserves, Pakistan has recently welcomed visits by business delegations and diplomats from Saudi Arabia, Japan, Qatar and Azerbaijan to attract investment.
Last year Pakistan set up the Special Investment Facilitation Council, a body consisting of Pakistani civilian and military leaders and specially tasked to promote investment in Pakistan. The council is so far focusing on investments in the energy, agriculture, mining, information technology and aviation sectors and specifically targeting Gulf nations.
