The State Bank of Pakistan (SBP) announced on Thursday that the country’s liquid foreign reserves have declined by $130.1 million during the week ended on July 7.
According to the SBP, the total liquid foreign reserves held by Pakistan on July 7 stood at $15.61 billion.
The State Bank of Pakistan reported that the country’s foreign reserves have decreased by $30.3 million. The central bank said that the reserves held by the State Bank of Pakistan now stand at US$9.71 billion, while commercial banks have reserves of US$5.89 billion.
Earlier in the day, the International Monetary Fund (IMF) and Pakistan have reached a staff-level agreement for the release of US$1.17 billion under the combined 7th and 8th reviews of Pakistan’s Extended Fund Facility (EFF).
The IMF’s Executive Board must approve the agreement. The statement also noted that, to help carry out the program and meet increased financing needs in the next fiscal year, the IMF Board will consider extending the EFF program until the end of June 2023 and increasing its access by 720 million SDR (about $7 billion).