Pakistan has returned the loans to banks of the United Arab Emirates (UAE) after which foreign exchange reserves have further decreased by $1.2 billion to $4.5 billion.
Foreign exchange reserves are now at the level of less than a month’s imports.
According to reports, a total of $1 billion has been paid to Emirates banks NBD and Dubai Islamic Bank. $600 million have been paid to Emirates NBD and $420 million to DIB.
After these payments, the government’s foreign exchange reserves fell to $ 4.5 billion which is the lowest level of government reserves in 8 years and 9 months.
So far Pakistan has been in need of the support of foreign aid at the Geneva Conference where efforts will be made to provide $1.5 billion for the conference.
The government reserves of foreign exchange are continuously declining and now the reserves have come to the level of meeting the requirement of 25 days of the country’s imports only.
Since April 2022, the government’s foreign exchange reserves have decreased by $ 6.35 billion.