Pakistan’s total liquid foreign reserves reach $12.2 billion

KARACHI: The total liquid foreign reserves of Pakistan reached US$12,206.4 million while the reserves held by the central bank stood at $7,040.8 million, ARY News reported.

The State Bank of Pakistan, in a statement issued here on Thursday, informed that SBP’s reserves increased by $21 million to $7,040.8 million during the week ended on December 08, 2023.

Meanwhile, net foreign reserves held by commercial banks also inched up to reach $5,165.6 million, it added.

Total liquid foreign reserves held by the country, in the previous week ended on December 01, 2023, were $12.107 billion. Among them, foreign reserves held by the central bank were $7.02 billion while net foreign reserves held by commercial banks were $5.087 billion.

Yesterday, Caretaker Minister for Finance Dr Shamshad Akhtar said that Pakistan anticipates raising approximately $4.5 billion from multilateral and bilateral sources, excluding the International Monetary Fund (IMF) in the current fiscal year (2023-24).

In an interview with official flagship Journal of ICMA International, the finance minister said for the second quarter (Q2), the government expects to receive over $1.6 billion from these sources.

Shamshad Akhtar noted that the major creditors include the Asian Development Bank (ADB), the World Bank, and the Asian Infrastructure Investment Bank (AIIB), adding the inflows comprise both project-based and program-based funds.

She said that negotiations for some program loans have been completed, and disbursements are expected. “The country is currently meeting its debt obligations in a timely manner and intends to continue doing so in the future,” she added.