SBP to Lose Nearly One-Third of Its US Dollar Reserves This Month

Pakistan’s external financing pressure is set to intensify in April 2026 as the country faces a massive foreign debt repayment schedule that is expected to drain nearly one-third of the State Bank of Pakistan’s (SBP) foreign exchange reserves.

According to the repayment schedule for April, Pakistan must repay roughly $5.3 billion in external obligations during April alone. That’s almost 32 percent of the central bank’s current reserves.

April 2026 External Debt Repayment Schedule

1. April 8: $1.3 billion Eurobond maturity
2. April 11: ~$2 billion repayment to UAE
3. April 17: $1 billion UAE repayment
4. April 23: $1 billion UAE repayment

This is how total outflows are expected to reach around $5.3 billion in the coming weeks.

With SBP’s foreign exchange reserves standing at $16.382 billion, the scheduled payments represent one of the largest single-month reserve drawdowns in recent years.

Latest SBP Reserve Position

The central bank’s weekly report showed only marginal improvement in reserves as of 27 March, 2027.

• Total liquid foreign exchange reserves: $21.79 billion (up $54 million WoW)
• SBP reserves: $16.382 billion (up $6 million WoW)
• Commercial banks’ reserves: $5.408 billion (up $48 million)