Foreign exchange reserves reach to $9.83bn

Islamabad: The foreign exchange reserves of Pakistan have reached $9.83 billion.

The State Bank of Pakistan (SBP) reported that its reserves increased by $60 million in a single week to $4.52 billion, according to the central bank.

The country's total liquid foreign reserves were $9.83 billion, while its net foreign reserves held by commercial banks were $5.31 billion.

After Saudi Arabia contributed $2 billion and the United Arab Emirates (UAE) contributed another $1 billion, Pakistan's foreign exchange reserves increased.

Earlier today, Pakistan received the first tranche of $1.2 billion from the International Monetary Fund (IMF) under the SBA program.

Further after approving the staff-level agreement last month, the International Monetary Fund (IMF) on Wednesday night issued Pakistan a $3 billion loan.

Finance Minister Ishaq Dar said Prime Minister Shehbaz played a pivotal role in reaching the deal with the IMF, he stated the economic team had extended full support to him during the complicated process.

The country was gaining on the move towards development, said the finance minister who stressed that everyone would have to contribute to continuing the journey.