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State Bank of Pakistan reserves drop to $ 20 billion as debt rises under Imran Khan regime

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According to data released Thursday by the State Bank of Pakistan, foreign exchange reserves held by the Central Bank of Islamabad fell 0.61% on a weekly basis. The reduction is due to external debt payments, the bank said. On August 27, the foreign exchange reserves held by the Central Bank of Pakistan stood at $ 20,145.6 million, down from $ 123 million to $ 20,033.6 million on September 3, media reported Pakistani. The country’s aggregate liquid foreign exchange reserves, including net reserves held by banks outside the SBP, amounted to $ 27,102.6 million. Of that amount, net reserves held by banks stood at $ 7,080 million, local media reported.

On August 24, the country received an allocation of SDRs (Special Drawing Rights) worth $ 2,751.8 million from the IMF (International Monetary Fund), which pushed up the Bank’s foreign exchange reserves. State of Pakistan at $ 20.15 billion. Reserves also rebounded after seeing an influx of $ 2.5 billion from China. The Imran Khan administration had borrowed $ 2.5 billion through Eurobonds by offering favorable interest rates to the lender. Islamabad received the first tranche of the $ 991.4 million IMF loan in July 2019. It received the second tranche of $ 453 million in December 2019.

Last year, the State Bank of Pakistan repaid more than $ 1 billion in external debt when Sukuk (Sharia-compliant financial certificates) matured.

Pakistan’s debt stands at Rs 149 trillion under Imran Khan’s government

According to SBP’s annual report released last week, Pakistan’s financial woes have intensified under Prime Minister Imran Khan’s three-year tenure. Islamabad’s current debt stands at 399 trillion. The Pakistani economy, which was already struggling to keep afloat, has been hit hard by the COVID-19 pandemic.

“The annual report released by the State Bank of Pakistan shows that the government debts amount to 399 trillion dollars and of this amount the debts increased by 149 trillion rupees for three years under the PTI and this debt raised by the PTI government is equal to 80% of the debts raised by Pakistan. Peoples Party (PPP) and Pakistan Muslim League-Nawaz (PML-N) during ten years of their reign, “media reported local.

Image: AP

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