Foreign exchange reserves held by the State Bank of Pakistan (SBP) increased by $1.114 billion week-over-week (WoW) to reach $9.12 billion as of May 03, 2024, according to the latest data released by the central bank on Thursday.
As per an SBP notification, this increase is mainly due to the receipt of $1.1 billion from the International Monetary Fund (IMF) as the final tranche under the Standby Arrangement (SBA).
The total liquid foreign reserves held by the country stood at $14.458 billion, out of which, net foreign reserves held by commercial banks recorded $5.338 billion.
On April 29, the Executive Board of the IMF approved the final tranche of $1.1 billion for Pakistan under the $3 billion Standby Arrangement.
Islamabad is yet to make a formal request, but the Fund and the government are already in discussions. If secured, it would be the 24th IMF bailout for Pakistan.
The $350 billion economy faces a chronic balance of payment crisis, with nearly $24 billion to repay in debt and interest over the next fiscal year – three times more than its central bank’s foreign currency reserves.
