ISLAMABAD (Eshfak Mughal):- The official foreign reserves was further decreased and reached at the lowest level of last 8 years to $5.8 billion dollar, only equal of country’s import bill of 5 weeks which is matter of concerns for the policy makers of the country.
The SBP has issued weekly report about the foreign reserves in the country on Thursday. According to the report of the SBP the foreign reserves held by the central bank decreased by $294 million to $5.822 billion as on 23rd Dec 2022 as compared to week ended on 16th Dec 2022.
On the other hand, the foreign reserves held by commercial banks were increased by $1.0 million to $5.9 billion during the last week, according to the report.
The total foreign reserves in the country were deceased by $293 million to $11.7 billion during the week ended on 23rd Dec 2022.
The data shows that the forex reserves were reached at the lowest level since April 2014 at absolute terms.
Analysts believe that the SBP’s foreign reserves remain only to cover import bill of five weeks which is mater of concerns for the Premier Shehbaz Sharif led government.
On the other hand, the State Minister for Finance Dr Aysha Ghaus Pasha told media that there is no risk of default of the country. She said that there is no risk of default of the country despite the financial crunch. Ms. Pasha further said that the government is in talks with Saudi Arabia for a $3 billion loan and the same amount from Chinese Authorities. She said that the country will also ensure that the foreign debt requirements are met.
The State Minister said that the Finance Minister Ishaq Dar would meet the IMF’s officials on the sideline of International Donor Conference which is scheduled on Jan 09, 2023 in Geneva.