Country’s foreign exchange reserves expected to hover b/w $9 to 10 biln by the end of this fiscal year: Finance Minister

ISLAMABAD, April 23 (SABAH): Minister for Finance and Revenue Muhammad Aurangzeb has said the country’s foreign exchange reserves are expected to hover between $9 to 10 billion by the end of this fiscal year.

Addressing inaugural session of the 7th Leaders in Islamic Business Summit in Islamabad on Tuesday, Muhammad Aurangzeb said at present the foreign exchange reserves stand at eight billion dollars. He said the last tranche from the IMF under stand by arrangement will take the foreign exchange reserves to over nine billion dollars. He said this is a much better position in comparison to the previous year when the foreign exchange reserves had dipped to three point four billion dollars.

The Finance Minister also expressed satisfaction over the bumper crops saying the agriculture is growing by five percent. Muhammad Aurangzeb said stock market is at all time high and foreign buyers are also coming in the market.

The Finance Minister said the government has initiated discussion with the IMF for a larger and longer program in order to bring permanence in the macroeconomic stability and ensure execution of structural reforms agenda.

He said the government has set targets to keep current account deficit and fiscal deficit within reasonable limits.

He said tax collection increased by 32 percent in the first nine months of current fiscal year.

The Finance Minister said the government is working to attract foreign direct investment in the country.

Addressing the Summit, Minister for Planning and Development Ahsan Iqbal Chaudhry said Pakistan has great potential to achieve economic growth. He however emphasized the need for political stability in order to take the country forward. He said collective efforts are need of the hour to put the country on positive trajectory.