As of Thursday, the country’s total liquid foreign reserves amounted toUS$12.5355 billion, with the central bank holding reserves of $7,396.7million, a decrease of $115 million attributed to debt repayments duringthe week ending November 10, 2023, according to a statement from the StateBank of Pakistan.
Concurrently, commercial banks held net foreign reserves totaling $5,138.8million. In the preceding week, ending November 3, 2023, the total liquidforeign reserves were US$12,614.2 million. During that period, the centralbank’s reserves were $7,511.5 million, and commercial banks held netforeign reserves of $5,102.7 million.
This development follows the recent staff-level agreement between Pakistanand the International Monetary Fund (IMF) for the first review underPakistan’s Stand-By Arrangement (SBA). Pending approval by the IMF’sExecutive Board, approximately $700 million will become available, bringingthe total disbursements under the program to nearly $1.9 billion.
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The IMF team expressed gratitude to Pakistani authorities, the privatesector, and development partners for their cooperation throughout themission. Under the $3 billion standby arrangement, Pakistan received $1.2billion from the IMF as the first tranche in July.