Pakistan's foreign currency reserves have witnessed a decrease after the ongoing stalemate over the renewal of the IMF package.
The country's total foreign exchange reserves stood at USD 25.027 billion; the foreign reserves held by the State Bank of Pakistan (SBP) stood at over USD 18 billion and commercial banks USD 6.45 billion, Geo News reported.
The forex reserves had further dropped from USD 25.027 billion to USD 18.56 billion. The USD 90 million drop in forex reserves was recorded in the week ending on December 10.
Pakistan has raised foreign loans worth USD 802.3 million in November this year and it has also received USD 663.2 million from international commercial banks, Geo News reported.
Also Read | US to lift travel bans on 8 African nations on NYE
"It was Islamabad's inability to accomplish the 6th review under USD 6 billion Extended Fund Facility (EEF) of the IMF which continued the country's strong reliance on cheap dollar inflows through commercial banks," it added.
According to media reports, Islamabad has continued to rely significantly on international commercial banks to produce dollar inflows and the data analysis has also disclosed that the Imran-Khan-led government was forced to opt for short-term commercial loans to meet its annual budgetary targets on external inflow on an annual basis.
Also Read | Turkey freezes assets of 770 individuals, US-based foundation
The total budgetary estimates for the financial year 2021-22 was USD 14.008 billion, but Islamabad has only generated USD 4.699 billion in the first five months of the current fiscal year.
