Daily Times

The State Bank of Pakistan’s (SBP) foreign exchange reserves climbed by $36 million on a weekly basis to $10.89 billion, according to central bank figures released Thursday. At $10.85 billion, the reserve level last week was the lowest since June 2020. In addition, the SBP reported on April 16 that the country’s total liquid foreign reserves were $17.05 billion. Commercial banks’ net foreign reserves totaled $6.16 billion, according to data. Reviving IMF’s Extended Fund Facility (EFF) and a substantial syndicated loan facility from China are among the options being considered by the South Asian economy in the face of depleted foreign exchange reserves. On Thursday, the currency lost value against the US dollar for the fourth time in a row because of dwindling reserves. As Finance Minister Miftah Ismail noted before departing for Washington, D.C., the IMF had requested price increases for oil and tax increases from the current government in order to revive its EFF program, as well as the withdrawal of the industrial amesty program, a reduction in circular debt, an increase in electricity tariffs, and fiscal savings.