IMF’s approval of loan programme for Pakistan; Blinken welcomes
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SBP-held foreign exchange reserves stand at $4.52 billion,
Secretary of State Antony Blinken tweeted that the United States (US) stood by the Pakistani people during these hard times and welcomed the International Monetary Fund’s (IMF) approval of a programme to support Pakistan.
Antony Blinken urged Pakistan to continue working with the IMF towards macroeconomic reforms and sustainable economic recovery.
Earlier, Prime Minister Shehbaz Sharif said that the approval of Stand-by Agreement of $3 billion by the IMF’s Executive Board is a major step forward in the government’s efforts to stabilise the economy and achieve macroeconomic stability.
He said that it bolsters Pakistan’s economic position to overcome immediate-to medium-term economic challenges, giving the next government the fiscal space to chart the way forward.
The premier said this milestone, which was achieved against the heaviest of odds & against a seemingly impossible deadline, could not have been possible without excellent team effort.
“I would commend Finance Minister Ishaq Dar & his team at the Ministry of Finance for their hard work. My special thanks are also due to Kristalina Georgieva, MD of IMF and her team for their support and cooperation,” he added.
While,
According to the data released on Thursday, foreign exchange reserves held by the State Bank of Pakistan (SBP) surged $61 million, clocking in at nearly $4.52 billion as of 3rd July.
It is pertinent to note that total liquid foreign reserves held by the country stood at $9.84 billion while net foreign reserves held by commercial banks clocked in at $5.31 billion.
“Subsequently, during the current week, SBP received inflow of $2 billion from the Kingdom of Saudi Arabia, $1 billion from United Arab Emirates and around $1.2 billion from IMF. These inflows will be reflected in SBP’s forex reserves for the week ending on July 14, 2023,” the statement reads.