Pakistan's Dollar Reserves today are around 11.7 billion USD. State Bank of Pakistan bought 9 billion USD from Market. Analysts like Ashfaque Tola Sb believe that had the sbp not bought these 9 billion usd, Pakistan rupee would have been at 235-240 against USD instead of 278 Rs today in the interbank.

Lets say if State Bank had not bought these, our dollar reserves despite IMF program would have been at 2.7 billion USD (11.7-9 bn). 

2.7 billion usd would have been critically low and country would have been at risk of default. Remember 2023.

Moreover, due to rupee being cheaper at 235 -240, our imports would have been higher which would have resulted in further depletion of reserves. This would have led to higher inflation and crises like situation. 

So without any doubt, sbp has done very well and must be appreciated for its actions and policies.