ISLAMABAD – The foreign exchange reserves of the country have risen by$1.18 billion due to financial assistance received from InternationalMonetary Fund.
According to statistic issued by State Bank of Pakistan, the liquid foreignreserves of the country surged to $18.463 billion as of April 24.
The country received an amount of $1.39 billion from IMF under the RapidFinancing Instrument (RFI) to address the economic impact of the Covid-19shock.
The central bank has also made government external debt repaymentsamounting to $234 million.
Overall, the SBP reserves increased by $1.181 billion to stand at $12.07billion. The foreign exchange reserves maintained by commercial banks standat $6.39 billion. It is pertinent to mention here that IMF’s financialassistance is not an aid and to be paid back by the availing country inlater years.
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According to IMF, the RFI provides rapid and low-access financialassistance to member countries facing an urgent balance of payments need,without the need to have a full-fledged program in place.
It can provide support to meet a broad range of urgent needs, includingthose arising from commodity price shocks, natural disasters, conflict andpost-conflict situations, and emergencies resulting from fragility.
