With $4.1 billion friendly money, Pakistan Foreign Exchange Reserves to hit $19 billion

Shares
With $4.1 billion friendly money, Pakistan Foreign Exchange Reserves to hit $19 billion

KARACHI: Pakistan’s total foreign currency reserves will cross $19 billion by end of the current month as the country is about to receive $4.1 billion from friendly countries in a week or two, finance minister said on Saturday.

Finance Minister Asad Umar said friendly countries would transfer around $4.1 billion in next couple of weeks, which will help in building up foreign exchange reserves and easing fiscal burden.

“The official reserves of the State Bank of Pakistan (SBP) will cross $12 billion with addition of these amounts,” Umar added.

The country’s foreign exchange reserves stood at $14.956 billion as of March 1. The SBP’s reserves amounted to $8.116 billion, while commercial banks held $6.839 billion.

The finance minister was addressing a moot, ‘Financing to Support Make in Pakistan’. Pakistan Business Council (PBC) hosted the seminar.

The minister said Abu Dhabi Fund for Development (ADFD) will transfer two billion dollars next week in the second tranche of three billion dollars loan. The country received one billion dollar from the foreign aid agency in January. Another $2.1 billion will come from China.