Pakistan's Finance Minister announces $10 billion reserves target

Pakistan's Finance Minister Muhammad Aurangzeb has announced that the country's foreign exchange reserves are expected to reach $10 billion within the next two months. This increase is attributed to the upcoming disbursement of a $1.1 billion loan from the International Monetary Fund (IMF).

Aurangzeb emphasized that Pakistan's reliance on the IMF for financial assistance would diminish in the future, with the condition that the country successfully secures a substantial and extended 24th programme. He subtly referenced former Finance Minister Ishaq Dar's handling of the country's reserves by stating, 'no one can imagine a plan B with only 15 days of reserves,' alluding to Dar's Plan B strategy mentioned in 2023.

The anticipated boost in foreign exchange reserves is a positive development for Pakistan's economic stability and signals a step towards greater financial independence from international lending institutions.