SBP’s Forex Reserves Skip To $4.5 Billion This Week:
SBP’s Forex Reserves Skip To $4.5 Billion This Week
ISLAMABAD: The State Bank of Pakistan’s foreign exchange reserves further fell to $4.5 billion this week after the government returned $1.2 billion loans to UAE’s banks.
During this week, the government has returned $600 million commercial loan of the Emirates Bank and $420 million loan of the Dubai Islamic Bank.
Resultantly the forex reserves with the State Bank of Pakistan have dropped to $4.5 billion as the government desperately awaited financial support from Saudi Arabia, China, and disbursement of $1.1 billion tranche from the IMF.
National foreign exchange reserves are around $10.3 billion as the commercial banks are holding about $5.8 billion reserves at this time.
Prime Minister Shehbaz Sharif is attending the Climate Resilience Conference in Geneva on Monday, anticipating more than one billion dollars support from the international donors.
The United Nations Secretary-General Antonio Guterres has arranged the conference in Geneva, Switzerland on January 9 on the request of Pakistan government to mobilise world community’s support in the backdrop of recent catastrophic floods.
On Friday, Prime Minister Shehbaz Sharif said that a team of the IMF is arriving in Pakistan in two days to complete the ninth review of the economy. He said that the IMF team would finalise the ninth review, leading to the disbursement of $1.1 billion next tranche from the fund.
Prime Minister Shehbaz Sharif stated this on Friday at the inaugural ceremony of Hazara Electric Supply Company.
Premier said, “I spoke to the managing director of IMF Kristalina Georgieva and urged her to soften conditions and support Pakistan to complete the ninth review.”
He said, “I urged MD of the IMF to relax the terms of the bail out package because the masses are not in a position to bear burden of hike in utility cost.”
Shehbaz Sharif said, “I also requested her to sent a delegation for the 9th review and she replied that IMF officials are scheduled to visit Pakistan in over a couple of days (2-3) days.”
PM vows to complete IMF programme
Earlier, Prime Minister Shehbaz Sharif said that Pakistan government would complete the IMF programme. He said that PTI government ditched the IMF programme to create economic crisis, but the present government would honour its commitment of fulfilling the bail-out programme.
Premier also said that China is asked the IMF officials to continue to extend support to Pakistan with the ongoing programme.
Meanwhile, on Friday the Prime Minister made a telephone call to the IMF chief and requested her to relax fund’s conditions for further increase in energy prices and imposition of more taxes in 2023.
PM Shehbaz is also expected to further discuss the disbursement of next IMF tranche on the sidelines of the Geneva Conference being held on Jan 9 in collaboration with the United Nations. IMF chief is virtually participating in the conference because of meetings of the IMF.