Pakistan’s Foreign Reserves Rise by $33M Economy Stabilizes Post-IMF Deal
In a statement issued here on Thursday, the State Bank of Pakistan (SBP) informed that liquid foreign reserves held by the central bank increased by $33 million to $9,436.8 million during the week ending on August 30, 2024.
Meanwhile, it added that net foreign reserves held by commercial banks were recorded as $5,303.1 million during the week under review.
Total liquid foreign reserves held by the country, in the previous week ended on August 23, 2024, were $14,776.3 million.
Among them foreign reserves held by the central bank were recorded as $9,403.4 million while $5,372.9 million were held by commercial banks.
Pakistan’s economy stabilized after IMF deal: S&P
On July 29, in a positive development, Fitch Ratings upgraded Pakistan’s Long-Term Foreign-Currency Issuer Default Rating (IDR) to ‘CCC+’ from ‘CCC’.
“The upgrade reflects greater certainty over the continued availability of external funding, in the context of Pakistan’s staff-level agreement (SLA) with the IMF on a new 37-month USD7 billion Extended Fund Facility (EFF),” Fitch company said in a statement on Monday.
“Nevertheless, Pakistan’s large funding needs leave it vulnerable if it fails to implement challenging reforms, which could undermine program performance and funding,” it warned.
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