Pakistan faces a crippling economic crisis, with decades-high inflation and critically low foreign exchange reserves depleted by continued debt repayment obligations.
The RBI governor said net foreign direct investment (FDI) flows remain strong at USD 22.3 billion during April-December 2022. It was USD 24.8 billion in the corresponding period last year, he added.
Be it capital expenditure, the asset quality of banks, foreign exchange reserves, GST collections, fiscal consolidation path, and convergence of wholesale and retail inflation, Budget document data showed all these indicators to be on strong ground.
India's foreign exchange reserves stood at USD 532.7 billion as of September-end of 2022, covering 8.8 months of imports according to the Economic Survey tabled by Union Finance Minister Nirmala Sitharaman in Parliament today.
The News International newspaper reported that Pakistan is facing an acute shortage of dollars and has less than USD 5 billion in its reserves with its State Bank. The report said this is hardly sufficient to finance three-week of its imports. Last year, the imports of these transportation v
Amid a reeling economic crisis and falling foreign exchange reserves, virtual talks between Pakistan and International Monetary Fund (IMF) are likely to commence next week, Geo News reported.
At present, the US dollar represents slightly more than 60 per cent of global foreign exchange reserves at central banks, compared to more than 80 per cent in the early 1970s.