Dar pledges to raise Pakistan's FX reserves to $15bn in 7 weeks

MG News | July 31, 2023 at 11:21 AM GMT+05:00

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July 31, 2023 (MLN): Federal Minister for Finance and Revenue Senator Ishaq Dar on Sunday pledged to raise the country’s Foreign Exchange (FX) reserves from $14 billion to $15bn within the next 7 weeks, while delivering a speech at the Senate of Pakistan.

Ishaq Dar mentioned that the past 11 months had been challenging due to predictions from rating agencies about Pakistan’s potential default.

He elaborated on the challenging financial situation, disclosing that the country was facing immense pressure to repay a substantial debt of $3bn.

He praised the support of various countries during the financial strain, especially China, which generously extended the loan duration of $2.4 billion by two years, aiding revival.

In the current month, Pakistan received a total sum of $4.2bn in financial aid.

This assistance included $2bn from Saudi Arabia, $1bn from the United Arab Emirates (UAE), and $1.2bn from the International Monetary Fund (IMF) under the Stand-By Agreement (SBA) $3bn approved on June 30.

Moreover, the Industrial and Commercial Bank of China (ICBC) also gave $300 million, as per the Finance Minister.

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