Pakistan's Finance Minister anticipates significant increase in reserves

Pakistan's central bank recently announced the receipt of the International Monetary Fund's final tranche of $1.1 billion, marking a total inflow of $3 billion over a 10-month period under a standby arrangement (SBA). This development comes as Finance Minister Muhammad Aurangzeb anticipates a further increase in reserves to $9-10 billion by the end of the current fiscal year on June 30, 2024.

The IMF's disbursement of $1.1 billion represents a significant boost to Pakistan's foreign exchange reserves, providing much-needed support to the country's economy. The cumulative inflows of $3 billion under the SBA have helped stabilize Pakistan's financial position and are expected to contribute to sustained economic growth in the coming months.

Minister Aurangzeb's optimistic projection of reserves reaching $9-10 billion by the end of the fiscal year reflects the government's commitment to strengthening the country's financial stability and resilience. This positive outlook bodes well for Pakistan's economic prospects and underscores the importance of continued cooperation with international financial institutions like the IMF.