The State Bank of Pakistan (SBP) announced that its foreign exchange reserves increased by $14.4 million to $8.055 billion in the week ending April 12.
According to their weekly statement, the SBP also managed a significant financial operation during this period, repaying $1 billion for the maturing principal and interest of Pakistan’s International Bond.
Despite this increase in SBP reserves, the country’s total reserves declined by $68 million to $13.374 billion. Additionally, the reserves held by commercial banks decreased by $82 million, settling at $5.319 billion.
It’s important to note that Pakistan and the IMF reached a staff-level agreement last month on the final review of a $3 billion stand-by arrangement. Approval from the IMF’s board, anticipated in late April, would unlock around $1.1 billion for Pakistan. However, a specific date for the review has not been confirmed, said a spokesperson.
In related news, Finance Minister Muhammad Aurangzeb, who is in Washington for the 2024 spring meeting of the World Bank Group and IMF, revealed in an interview that Pakistan has begun talks with the IMF regarding a new multi-billion-dollar loan to further the country’s economic reforms.
Read: Finance Minister Optimistic About Minimal Rupee Devaluation After IMF Talks
