Pakistans foreign exchange reserves held by the central bank decreased by 5.5 per cent or $170 million to $2.91 billion in the week ending February 3, the State Bank of Pakistan said on Thursday, deepening the economic woes of the crisis-stricken country, media reports said.
The country has $8.54 billion in reserves in total, including $5.62 billion held by commercial banks, The News reported.
The country is struggling to service extremely high levels of external debt, and has barely enough dollars to cover less than three weeks worth of imports, the report said.
The nation's already precarious economic predicament was made worse by the rapidly decreasing reserves. Pakistan held talks with the IMF to obtain assistance for containing a growing financial crisis that was made worse by a lack of foreign currency and skyrocketing inflation.
The rupee recently fell to historic lows after the government, in an attempt to meet IMF lending conditions, lifted currency controls that had been artificially supporting the currency.
Pakistan is dealing with a serious array of issues. Tens of millions of people were harmed by flooding last year, which cost $30 billion in damages. The country has been negatively impacted by inflation, the impact of Russia's war in Ukraine on food and energy prices, and political uncertainty, The News reported.
Pakistan has long-standing issues with its balance of payments. The government is hoping that it will quickly reach an agreement with the IMF mission over the terms of its $6.5 billion lending programme to unlock crucial funding from the IMF this time. But even if a loan tranche of $1 billion is unfrozen, this is only a bandage. More amounts are required if Pakistan is to avoid default.
Gujarat: BJP’s Satish Patel dedicates Manjalpur bypoll victory to late Yogesh Patel
Newly elected Manjalpur MLA Satish Patel on Monday dedicated his victory in the Gujarat Assembly by-election to the late BJP leader and former minister Yogesh Patel, saying he would carry forward the work undertaken by his predecessor after securing a comfortable win in the constituency.
PK wins Bankipur, ends BJP's dominance; Samrat Choudhary congratulates him
Jan Suraaj founder Prashant Kishor has registered a major victory in the Bankipur Assembly by-election, defeating BJP candidate Neeraj Kumar Sinha by a margin of 18,963 votes and breaking the BJP’s long-standing dominance over the constituency.
ANDPL to rejuvenate 40,000 trees within Dharavi, build 3.3-km Mithi River riverfront
In a bid to give residents better access to green public spaces, the Dharavi Redevelopment Project (DRP) will place the rejuvenation of the Mithi River at the centre of a new green-blue network — designed to improve the environment and create healthier spaces across one of Mumbai’s most densely-populated neighbourhoods, it was announced on Monday.
RSS Chief Mohan Bhagwat to interact with Gen Z in Mumbai on Aug 6
Rashtriya Swayamsevak Sangh (RSS) Sarsanghchalak Mohan Bhagwat is scheduled to interact with representatives of Generation Z and Generation Alpha on August 6 in Mumbai.
Two women among eight militants arrested in Manipur, arms and drugs seized
Eight militants, including two women cadres, belonging to different banned insurgent outfits were arrested and arms, ammunition and other incriminating materials recovered in separate joint security force operations across Manipur during the past 24 hours, officials said on Monday.
Tribal Welfare Minister orders probe into alleged irregularities at Ambedkar Girls' Hostel
Minister for Tribal Welfare, Bikash Debbarma, on Monday ordered a detailed inquiry into allegations of irregularities in the supply of food items at the Dr. B. R. Ambedkar Memorial Girls' Hostel located on Jagannath Bari Road in Agartala.
Assam villages devastated by flood might have to be rebuilt: Sarma
Assam Chief Minister, Himanta Biswa Sarma, on Monday indicated that the state government may have to rebuild entire villages devastated by the recent floods in Upper Assam, saying the scale of destruction in Sivasagar and Charaideo districts has gone far beyond what can be addressed through immediate relief measures.
Pakistan: Death toll in Swat police station suicide attack rises to 17
The death toll from the suicide bombing at Kabal Police Station in Swat district of Pakistan's Khyber Pakhtunkhwa province has risen to 17 after two more injured police personnel succumbed to their injuries, local media reported on Monday.