The State Bank of Pakistan (SBP)-held foreign exchange reserves fell below $3 billion to a nine-year low as the cash-strapped nation faces hurdles in shoring up its economy amid a stalled International Monetary Fund (IMF) programme, reports Geo News.
Pakistan government is desperately trying to unlock the IMF deal, with the lender's mission in Islamabad to negotiate the terms for resuming the Extended Fund Facility (EFF), which will pave for the country to get more than $1 billion from the institution.
In a statement on Thursday, SPB said, as of the week ended February 3, its foreign exchange reserves slipped to $2,916.7 million after a fall of $170 million due to external debt payments — enough to provide an import cover of 0.58 months.
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 foreign reserves of the country to $8,539.6 million, added the central bank.
The government and the SBP were banking on friendly countries, including Saudi Arabia, to help boost the reserves; however, none of the nations has so far delivered on its commitment — leaving Pakistan in a critical position.
Meanwhile, the rupee has also fallen to historic lows as the market faces a scarcity of dollars and the grey market is persistently active.
Bd-pratidin English/Golam Rosul
