Due to debt servicing, the State Bank of Pakistan’s foreign reserves declined from $294 million to $5.821 billion.
This leaves Pakistan with 1.10 months of import cover as its government battles to meet external financial obligations.
Commercial banks’ foreign exchange reserves were $5.885 billion on December 23.
Pakistan needs about $30 billion this fiscal year to satisfy its current account deficit and debt payments. However, IMF inflows have stalled after the ninth review’s deadlock.
Concerns have been raised regarding the accuracy of estimated flood rehabilitation expenditures, she said, adding that surviving without IMF was not an option given the extent of external finance demands, where most funding was connected to an IMF endorsement.
As of December 23, 2022, the country’s foreign reserves were $11,707.2 million.