The foreign exchange reserves of Pakistan’s central bank slipped under $3billion to a nine-year low as it struggles to get inflows due to a stalledInternational Monetary Fund (IMF) programme.
The federal government is trying to unlock the IMF deal, with the lender’smission in Islamabad to negotiate the terms for resuming the Extended FundFacility (EFF), which will pave for Pakistan to get more than $1 billionfrom the institution.
In a statement, the State Bank of Pakistan (SBP) said, as of the week endedFebruary 3, its foreign exchange reserves have slipped to $2,916.7 millionafter a fall of $170 million due to external debt payments.
The net forex reserves held by commercial banks stand at $5,622.9 million,$2.745 billion more than the SBP, bringing the total liquid foreignreserves of the country to $8,539.6 million, the statement mentioned.
Read Top Stories
The government and the SBP were banking on friendly countries, includingSaudi Arabia, to help boost the reserves, however, none of the nations hasso far forwarded inflows — leaving Pakistan in a critical position.
