SBP needs $2.5bn to achieve $14bn target

Foreign exchange reserves of the State Bank of Pakistan (SBP) increased by $70 million to $11.516 billion during the week ended on May 23, the central bank announced on Thursday. The SBP needs to generate an additional $2.5bn to reach the revised $14bn target by the end of the current fiscal year. How­ever, the currency experts expressed doubt that the SBP could achieve the goal in the last month of FY25. Pakistan expects to receive $1.4bn in climate funding already approved by the IMF under its Re­­s­ilience and Sustain­ability Facility (RSF) and the financial sector believes that Pakistan has reached a deal with the United Arab Emirates for $1bn. No official figure is available about the required amount of dollars for debt servicing in the last month of the current fiscal year. Bankers believe the country still requires over $5bn.