Economics
Pakistan’s Forex Reserves Dip Below $10 Billion as IMF Loan Uncertain
- Stockpile halved since August, cover less than 2 mths imports
- IMF deal will provide a relief to deteriorating finances
Day laborers wait for work in Rawalpindi, Pakistan, on May 30.
Photographer: Asad Zaidi/BloombergThis article is for subscribers only.
Pakistan’s foreign exchange reserves fell below $10 billion, threatening to spill over into a fullblown economic crisis unless policy makers secure a loan from the International Monetary Fund.
The stockpile decreased by $366 million in the week ended May 27 to stand at $9.72 billion, the central bank said in a statement on its website Thursday. That’s roughly a 50% drop from August and enough to pay for less than two months of imports.