SBP reserves up by $107m to $4bn

Foreign exchange reserves held by the State Bank of Pakistan (SBP) increased by $107 million to $4 billion during the week ending June 9, 2023. However, Pakistan reportedly paid $1bn to China on Monday, which brought down the SBP reserves to $3bn. The finance ministry neither confirmed nor denied the media report. Finance Minister Ishaq Dar has expressed disappointment over the way the International Monetary Fund (IMF) is dealing with Pakistan vis-à-vis the bailout package, saying the lender is wasting his time. The time to complete the $6.7bn loan programme will expire on 30 June, while the country was to receive two installments of about $2.2bn before this date. The IMF has raised questions about the budgetary measures for the financial year 2023-24, while rating agencies warned that time is running out for Pakistan to convince Fund for the much-needed bailout package.