After falling by 22.11%, Pakistan's central bank's foreign exchange reserves are at their lowest point since February 2014, creating a significant problem for the nation's ability to finance imports.

The State Bank of Pakistan (SBP) made its declaration on Thursday at a time when the nation urgently needs external assistance to close its current account deficit and secure sufficient reserves to satisfy its debt obligations for the current fiscal year.

The country currently possesses $10.2 billion in reserves, which are only enough to cover three weeks' worth of imports when combined with an additional $5.8 billion held by commercial banks.

According to a statement from the central bank, the foreign exchange reserves for the week that ended on January 6 decreased by $1,233 million, or 22.12%, to $4,343.2 million from the previous week's reserves of $5,576.5 million.

With the rupee falling and inflation at decades-high levels, Pakistan's economy has collapsed along with a simmering political crisis, but disastrous floods and a worldwide energy crisis have added to the strain.

As the nation strives to reduce imports amid a dollar shortage, the reserves, which fell to their lowest level since February 2014, would now only provide import cover worth 0.82 months.

Ishaq Dar, the Federal Minister of Finance and Revenue, said last week that since he relied on friendly nations for inflows, Pakistan's foreign exchange reserves will "strengthen" in the coming days.

The nation's $1,233 million in foreign debt was repaid, according to the central bank. The information that was made public today reflects this refund.

The United Arab Emirates (UAE) today decided to roll over the existing loan of $2 billion and give an additional $1 billion loan, which should stabilise the reserve position in the coming days.

The nation, which has a $350 billion GDP, also signed a deal with Saudi Arabia to finance $1 billion in oil derivatives, which will help replenish the reserves.

At the one-day International Conference on Climate Resilient Pakistan in Geneva on January 9, Pakistan succeeded in securing promises totaling $9.7 billion, which are anticipated to materialise in three years.

In order to receive a $1.1 billion bailout package, the government must also pass the IMF's ninth review. However, neither party has made any significant progress in recent days.