ISLAMABAD – Massive increase in Pakistan’s Foreign Exchange Reserves.
Pakistan has received fresh loans of $1.725 billion from various fundingbanks which provided support to foreign exchange reserves and Rupee againstDollar.
According to details, State Bank of Pakistan (SBP) has received around$1.725 billion, including $725 million from the World Bank, $500 millionfrom Asian Development Bank and $500 million from Asian InfrastructureInvestment Bank.
With the fresh injection of funds, foreign exchange reserves surged to$18.45 billion including the reserves of SBP which stood at $11.68 billionand reserves maintained by commercial banks stood at $6.78 billion.
During the last week, the country made debt payment of $244.5 million
Read Top Stories
The incumbent government is making all-out efforts to maintain thestability of the forex reserves, current account, and the value of Rupeeagainst Dollar.
In this connection, it succeeded in deferring the debt payment of ParisClub and G20 countries. It is looking to get a year’s relief from SaudiArabia’s facility of deferred payment against oil imports as well.
These measures will likely give some respite to the economic managers ofthe country and the support to economic stability that observed severejolts due to Covid-19 outbreak and its related lockdown globally andnationally.
