Maldives Latest News: Pakistan, which is facing financial crisis, has assured Maldives of meeting its development needs. It has been told in the press release of the President’s Office that President Mohammad Muizzu had a conversation over phone with the acting Prime Minister of Pakistan Anwar ul Haq Kakkar. During this, ways to strengthen bilateral relations were also discussed between the two leaders.
In Pakistan, foreign exchange reserves continue to decline due to debt payments amid political instability and economic crisis. The report of State Bank of Pakistan (SBP) states that by January 26, 2024, it has reached US $ 8.21 billion. Till a week before this, this figure was at 8.27 billion US dollars. That means there has been a loss of 54 million US dollars in a span of just one week.
What is the condition of Pakistan itself?
Pakistan’s total liquid foreign exchange reserves, including reserves of commercial banks, stood at US$13.26 billion, while net reserves with commercial banks comprised about US$5.04 billion. According to the report of The Express Tribune, a decline in Pakistani reserves has been recorded last week due to repayment of foreign debt. Currently, the Pakistani Rupee has fallen to a record low of PKR 276 against the US Dollar. The reasons behind this are said to be the current political turmoil and decline in foreign exchange reserves.
Good news was received in January
The month of January was a mixed one for Pakistan. After January 19, he got good news. This week it got a credit line from the IMF, due to which its foreign exchange reserves increased. However, this lasted only for a few days. At present Pakistan is struggling with economic poverty. The situation of foreign exchange in the country is such that it is able to buy only essential things. There is currently a ban on purchasing non-essential items in Pakistan.