June 3, 2023

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Despite large debt servicing, Pakistan foreign Exchange Reserves hit $20 billion

ISLAMABAD – Minister for Industries Hammad Azhar has mentioned the State Lender of Pakistan has foreign trade reserves of twelve to thirteen billion dollars, introducing that the reserves have amplified owing to improvement in exports and remittances.

He was speaking on the flooring of Senate throughout the problem hour, with Chairman Sadiq Sanjrani in the chair.

The Senate was informed now that the country’s foreign exchange reserves have amplified to about 20 billion dollars.

The minister explained there has also been a record financial debt servicing through the tenure of the present govt. He stated we are paying again ten billion bucks per year.

Hammad Azhar added the recent account has proven a surplus of 1.6 billion pounds through the initially five months of recent economic yr towards a deficit of 1.7 billion bucks in the corresponding period of time very last year.

He even further explained that special economic zones will be constructed beneath the mega China Pakistan Economic Corridor undertaking

Adviser on Commerce and Trade Abdul Razak Dawood informed the property that the governing administration is taking concrete methods to enhance exports.

Through the pandemic, the government supplied a stimulus package worth 180 billion rupees to industries.

Dawood experienced before said that exports of Pakistan to the United States (US) has crossed the dollar 400 million mark.