The State Bank of Pakistan (SBP)-held foreign exchange reserves fell below $3 billion to a nine-year low amid a stalled International Monetary Fund (IMF) programme.

The coalition government is desperately trying to unlock the IMF deal, with the lender's mission in Islamabad to negotiate the terms for resuming the Extended Fund Facility (EFF), which will pave for Pakistan to get more than $1 billion from the institution.

In a statement, the central bank said, as of the week ended February 3, its foreign exchange reserves have slipped to $2,916.7 million after a fall of $170 million due to external debt payments.

The net forex reserves held by commercial banks stand at $5,622.9 million, $2.745 billion more than the SBP, bringing the total liquid foreign reserves of the country to $8,539.6 million, the statement mentioned.

The government and the SBP were banking on friendly countries, including Saudi Arabia, to help boost the reserves, however, none of the nations has so far forwarded inflows — leaving Pakistan in a critical position.

As a result of the depleting foreign exchange reserves, imports have been hit hard as commercial banks are reluctant in opening letters of credit (LCs), making it near to impossible for businesses to stay afloat.