KARACHI: Pakistan’s foreign exchange reserves with its central bank surged to $9.12 billion on Thursday, data from the State Bank of Pakistan (SBP) after Islamabad received the final tranche of $1.1 billion from the International Monetary Fund (IMF) last month. 

The SBP confirmed on April 30 that Pakistan had received the final tranche of $1.1 billion as part of a $3 billion IMF loan program it entered last summer. 

The South Asian country is expected to hold discussions this month with an IMF mission for a “larger and longer” program that Islamabad hopes would help avert its macroeconomic crisis. 

“Foreign reserves held by the State Bank of Pakistan total $ 9,120.3 million,” the SBP said in a statement. It added that total reserves held by the country stood at $ 14,458.9 million, out of which net foreign reserves worth $ 5,338.6 million were by commercial banks. 

Pakistan has been struggling with a chronic economic crisis since April 2022 that has seen its foreign exchange reserves plummet to historic lows and its national currency depreciate significantly against the US dollar. 

The South Asian country has turned to international financial institutions and multilateral partners to secure external financing in a bid to stave off a balance of payment crisis. 

Desperate to shore its foreign reserves, Pakistan has recently welcomed visits by business delegations and diplomats from Saudi Arabia, Japan, Qatar and Azerbaijan to attract investment. 

Last year Pakistan set up the Special Investment Facilitation Council, a body consisting of Pakistani civilian and military leaders and specially tasked to promote investment in Pakistan. The council is so far focusing on investments in the energy, agriculture, mining, information technology and aviation sectors and specifically targeting Gulf nations. 

ISLAMABAD: Pakistan’s government will craft new standard operating procedures (SOPs) for the security of Chinese nationals working and living in the country, Interior Minister Mohsin Naqvi said on Thursday. 

Pakistan has seen a rise in attacks on Chinese nationals in the country in recent months. A suicide bomber in March rammed his vehicle into a convoy of Chinese engineers working on a hydropower project in northwestern Pakistan. Five Chinese engineers were killed in the attack. 

Pakistan has said it has since then taken steps to enhance the security of Chinese nationals in the country. 

“Interior Minister Mohsin Naqvi says new Standard Operating Procedures (SOPs) related to the security of Chinese nationals will be crafted and it will be implemented in letter and spirit,” the state-run Radio Pakistan reported. 

Naqvi was speaking to Chinese Ambassador to Pakistan Jiang Zaidong in Islamabad, the state media said, adding that he vowed to bring the perpetrators of the March attack to justice. 

“Mohsin Naqvi said no conspiracy can sabotage the decades-old Pak-China friendship,” Radio Pakistan said. 

Zaidong expressed satisfaction with the measures taken by Pakistani authorities for the security of Chinese nationals. 

The Dasu attack was the third major one in a little over a week on China’s interests in the South Asian nation, where Beijing has invested over $65 billion in energy, infrastructure and other projects as part of its wider Belt and Road initiative.

Chinese interests in Pakistan’s southwestern Balochistan province have also been under attack primarily by militants who seek to push Beijing out of the mineral-rich territory.