Pakistan’s foreign reserves hit eight-year low; stand at $5.6bn

KARACHI: Pakistan’s economic miseries have been further compounded after the central bank’s foreign reserves fell to eight-year low, currently standing at $5.6 billion. Despite the looming threat of default, Finance Minister Ishaq Dar is hopeful that the country won’t face a Sri Lanka like situation and would get out of the economic crisis unhurt.

Dar has tied his hopes on the friendly countries that have promised financial support to the cash-deprived country. Meanwhile, the Pakistani Prime Minister Shehbaz Sharif contacted the International Monetary Fund Managing Director Kristalina Georgieva over telephone in a bid to convince her to relax the conditions laid down by the global lending body.

On the other hand, Pakistani rupee has lost significant value against the US dollar and other major currencies owing to the continuous decline in the foreign reserves of the State Bank of Pakistan.

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