Forx reserves increased to all time high $20 bln: Haroon Akhter
ISLAMABAD : Special Assistant to Prime Minister on Revenue Haroon Akhter on Tuesday said Pakistan’s foreign exchange reserves had increased to an all time high mark of $20 billion while inflation rate had decreased to 1.6 percent.
This development showed that the economy had attained stability which was achieved due to prudent economic policies and reforms undertaken by the incumbent government during the last two and a half years, he said while talking to a private news channel.
He said the foreign exchange reserves included $15.24 billion held by the State Bank of Pakistan (SBP) and $4.83 billion by commercial banks.
He said all the international donor agencies as well as rating agencies now hold Pakistan’s economy positively. “We are now working for sustainable and inclusive growth, consolidation of the economic gains and employment generation,” he added.
Haroon Akhter said acknowledging Pakistan’s stable economic ratings given by international rating agencies, Asian Development Bank had approved a loan of $1.4 billion on easy installments of 25 years with a grace period of five years.
He said the government had also strived hard to decrease fiscal deficit to 5.3% and the set target of 4.3% would be achieved during the current financial year.
The petroleum prices had also decreased by 42% during last two and a half years and the petroleum products were being sold in the country at prices 35% lower than India, he claimed.
He said the government had also serviced $4.6 billion debts taken by the previous government.