The overall value of the nation’s liquid foreign reserves, as disclosed by the SBP, was $13.15 billion. There were $5.24 billion in net foreign reserves held by commercial banks.
The rise in reserves was announced by the central bank without explanation.
“SBP’s reserves increased by US$ 17 million to US$ 7,912.9 million during the week ended on March 8, 2024,” the statement stated.
Pakistan’s central bank had $54 million less in reserves last week.
The sources claimed that at the IMF’s initial meeting with representatives of the Finance Ministry, the organization expressed concerns over the subsidised gas supply to fertilizer companies.
The foreign lender made a demand to stop giving the fertilizer companies gas at a discounted price. The group also voiced their worries over rising commodity costs in Pakistan in spite of global stability.
According to the sources, the IMF team also received updates on circular debts in the energy sector, tariff outlooks, cost-side reforms, tax administration, tax policy, and the development of the Bilateral Investment Plan (BISP) from the relevant officials during the meeting.
The IMF group also requested that Pakistani authorities impose taxes on the industrial, retail, and real estate industries.
Meanwhile, during the first round of negotiations for the second review of the SBA program, Pakistan was given a “do more” ultimatum by the International Monetary Fund (IMF).
