Pakistan’s foreign exchange reserves can reach $5 billions this month, Ministry of Finance
In order to obtain loan from IMF, now Ministry of Finance as well as Ministry of Foreign Affairs will have to play a role
Foreign exchange reserves are expected to reach 5 billion dollars this month, Pakistan has achieved all the goals of the IMF, after the Ministry of Finance, now the Ministry of Foreign Affairs will have to be active.
Negotiations between Pakistan and the IMF have not made much progress so far and the staff level agreement has not been finalized since February 9.
Pakistan has taken steps ahead of the IMF’s terms and now hopes to reach $5 billion in foreign exchange reserves by March 31, 2023.
According to the sources of the Ministry of Finance, no major progress could be made in the negotiations between Pakistan and the IMF on the issue of direct loans, however, the contacts of the Ministry of Finance and the Ministry of Foreign Affairs with the United States and other countries are being increased.
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The Minister of Finance and Foreign Affairs has requested help from friendly countries on difficult terms of the IMF. Finance Minister Ishaq Dar has also been participating in the talks from time to time.
This year, it has been agreed to increase external financing to 6 billion dollars instead of 7 billion dollars and the IMF has also been informed about the rollover of 2 billion dollars from China.
Officials of the Ministry of Finance assured the IMF to get 800 million from China soon.
The Ministry of Finance hopes that if this amount reaches Pakistan, the foreign exchange reserves will reach 5 billion dollars.
The Ministry of Finance is also hopeful that remittances from overseas Pakistanis will come to Pakistan in large numbers from the month of Ramadan to Eid-ul-Fitr, which will help to manage the current account deficit and improve foreign exchange reserves.
