Pakistan’s total foreign exchange reserves fell by $51.9 million in one week, bringing the overall total to $15.87 billion. Despite this decline, the State Bank of Pakistan (SBP) managed to increase its dollar reserves by $27.1 million, reaching $11.2 billion, while commercial banks saw their dollar deposits drop by $79 million to $4.62 billion. These fluctuations come amid ongoing economic pressures from external debt repayments and rising import expenses.
Meanwhile, the Federal Board of Revenue (FBR) has assured the International Monetary Fund (IMF) that it will address a tax shortfall of Rs605 billion without resorting to a mini-budget, as economic review talks between Pakistan and the IMF continue. Officials explained that a plan has been submitted to the IMF to meet this shortfall by settling pending tax cases, with the revenue target expected to be achieved by June; if not, expenditure cuts will be implemented to cover the deficit.
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Additionally, the FBR is optimistic about securing Rs157 billion through the upcoming Supreme Court decision on super tax. A crucial hearing is scheduled for March 10, with expectations that Rs57 billion will come from the Supreme Court ruling and the remaining Rs100 billion from the High Court’s verdict.
