Overview

• China extended the maturity of a $2.1 billion State Bank deposit and refinanced a $1.3 billion commercial loan, rolling over $3.4 billion in total.
• An additional $1 billion from Middle Eastern commercial banks and $500 million from multilateral institutions raised reserves to roughly $14 billion.
• By reaching the IMF’s $14 billion reserve floor at the close of the fiscal year, Pakistan secured ongoing access to a $7 billion bailout program.
• The IMF package requires tough fiscal tightening, including subsidy cuts and measures to improve tax collection.
• Analysts warn that these stopgap inflows offer only short-term relief and that Pakistan needs deeper structural reforms or an extended financing arrangement.