Pakistan received inflows amounting to $2.5 billion on Thursday evening as proceeds of recently launched Eurobonds.
The State Bank of Pakistan (SBP) has confirmed on its Twitter account that SBP has received the government’s proceeds of $2.5 billion against Eurobond issuance in its account.
As a result, the State Bank of Pakistan’s (SBP) foreign exchange reserves surged to over $16 billion, which is the highest level since July 2017, the SBP said.
Pakistan entered the international capital market for the sale of Eurobonds after a gap of over three years. A multi-tranche transaction of 5-, 10- and 30-year Eurobonds was conducted to build up the foreign exchange reserves.
Pakistan has received approximately $3 billion in overall foreign inflows during the past two weeks. Out of these, nearly $2.5 billion from Eurobond arrived on Thursday night.
In the last week of March, Pakistan received around $500 million from the International Monetary Fund (IMF) as a loan tranche under Extended Fund Facility (EFF) for budget support.
As of April 2, 2021, SBP’s total liquid foreign exchange reserves were $20.679 billion. With the addition of Eurobond proceeds, these foreign exchange reserves are likely to cross the $23 billion mark.
Get the latest business news, market insights, and economic updates wherever you prefer.
Add ProPakistani to Preferred Sources and see more of our stories in Google Search and Top Stories.