Ishaq Dar says Pakistan to soon get funds from ‘friendly countries’

ISLAMABAD: Finance Minister Ishaq Dar has asserted that Pakistan would soon get from friendly countries, including Saudi Arabia as foreign exchange reserves held by State Bank of Pakistan (SBP) plunged to historic low, ARY News reported.

Talking to journalists in Islamabad, the government was repaying the country’s due debt on time, regretting that the country’s foreign exchange reserves were plunging due to external debt payment.

“Pakistan’s forex reserves will get better soon”, Ishaq Dar said, pointing out that the reserves held by the State Bank declined by $1.2 billion to reach $4.5 billion.

He further said that the net foreign reserves held by commercial banks stood at nearly $6 billion. He added that the country would soon get from friendly countries, including Saudi Arabia.

In response to a question, the finance minister said that a delegation from International Monetary Fund (IMF) would reach Pakistan in a few days. He said, “We will also meet the IMF delegation in Geneva”, where the ‘Climate Resilient Pakistan’ moot is taking place.

Ishaq Dar announced that he would also undertake a three-day official visit to the United Arab Emirates (UAE) following the ‘Climate Resilient Pakistan’ moot.

It is pertinent to mention here that the foreign exchange reserves held by central bank plunged by $1.2bn to reach $4.5 billion. Pakistan paid back $600mn to the Emirates NBD Bank and $415mn to the DIB on Friday, they say.

After the fresh debt repayments, the forex reserves have dropped to $4.5bn, sufficient for only 25 days of import cover, they say.