Pakistan’s forex reserves double to $8.73 billion
1 year, 5 months ago

Pakistan’s forex reserves double to $8.73 billion

Live Mint  

Pakistan's foreign exchange reserves have surged to a nine-month high following a fresh financial bailout from the International Monetary Fund. The country's reserves nearly doubled to $8.73 billion as of July 14, with inflows coming from the IMF and friendly nations like Saudi Arabia and the UAE. The financial assistance, totaling around $4.2 billion received last week, comes as Pakistan seeks to stabilize its balance of payments position amid a 13% decline in exports and a 25% drop in foreign direct investment in the past year, Bloomberg reported. The financial aid from the IMF has helped Pakistan avert an imminent default and provided much-needed relief to the outgoing government of Prime Minister Shehbaz Sharif, whose term is concluding next month.

History of this topic

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