By Staff Reporter
KARACHI: Pakistan’s foreign exchange reserves surged to $10 billion, sufficient to cover two months of imports, after receiving the first $1.03 billion tranche of the International Monetary Fund’s $7 billion Extended Fund Facility.
The IMF disbursed SDR 760 million ($1.03 billion) on September 30, bolstering the country’s liquidity.
State Bank of Pakistan Governor Jameel Ahmed said the influx has stabilized the forex market.
“The foreign exchange reserves have stabilized, and we expect further improvements,” Ahmed said at a banking conference.
Remittances from overseas workers have increased, and dollar supply has improved, Ahmed noted. “A decline in inflation has positively impacted monetary policy.”
Pakistan secured the 37-month IMF loan in July, with Prime Minister Shehbaz Sharif hoping it will be the country’s last. The government has implemented strict conditions to meet the loan requirements.
Analysts said the economy, struggling with fiscal challenges, has found temporary relief. Sustained economic reforms and prudent monetary policy will be crucial for long-term stability.
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