ISLAMABAD: State Bank of Pakistan (SBP) Governor Jameel Ahmad said the country’s foreign exchange reserves are increasing every week, while Pakistan’s external debt has remained stable at around $100 billion.
Briefing the National Assembly Standing Committee on Finance about the country’s economic situation, SBP officials said foreign exchange reserves remained healthy despite external payments of $5 billion made last month.
The central bank said Pakistan’s reserves are expected to exceed $17 billion during the current month. Officials added that reserves are improving steadily on a weekly basis and are likely to reach the equivalent of three months of imports after the release of upcoming IMF funds.
Jameel Ahmad told lawmakers that the SBP had purchased $27 billion from the market over the past three years to strengthen the country’s foreign exchange reserves.
He also noted that despite an increase in imports, Pakistan recorded a current account surplus during the first nine months of the fiscal year.
The SBP governor further said Pakistan’s external debt has remained unchanged at approximately $100 billion, the same level recorded in June 2020.
The committee was also informed that the IMF Executive Board is scheduled to meet tomorrow, where approval of Pakistan’s next economic review is expected.
