ISLAMABAD: Minister for Finance and Revenue, Muhammad Ishaq Dar, on Sunday, pledged to increase the country’s foreign exchange reserves from $14 billion to $15 billion in the next seven weeks.
Speaking on a Point of Order in the Senate, Dar mentioned that the past 11 months had been challenging due to predictions from rating agencies about Pakistan’s potential default. The country faced pressure to pay a significant sum of 3 billion dollars.
Finance Minister Ishaq Dar said China has extended the loan duration of $2.4 billion for two years. This month, Pakistan, facing financial constraints, received a total of $4.2 billion, which comprised $2 billion from Saudi Arabia, $1 billion from the United Arab Emirates (UAE), and $1.2 billion from the International Monetary Fund (IMF). The IMF approved $3 billion for Pakistan as part of a Standby Arrangement (SBA).
Dar revealed that Pakistan received $300 million from the Industrial and Commercial Bank of China (ICBC) to strengthen the country’s foreign exchange reserves.
He said the irresponsible statement of former Aviation Minister Ghulam Sarwar caused a loss of Rs70 billion to Pakistan International Airlines (PIA).
He emphasized that the timely legislation will result in the finalization of PIA’s flight operation to the United Kingdom by October next.
The finance minister criticized the PTI government, expressing concern about Pakistan’s economy, which dropped from the 24th to the 47th ranking.
He stressed the importance of joint efforts to regain the lost position. Additionally, he proposed creating a charter of the economy involving all political parties to promote economic growth.
The Finance Minister said in his speech in the Senate that Pakistan would fulfil all its international responsibilities.
“The agreement with the International Monetary Fund (IMF) will be completed, and all the payments will be made on time. All preparations are complete,” he said.
“Foreign exchange reserves are improving over time. The world wanted us to default. Forecasts were made about the default of the country. Alhamdulillah! The country has escaped default,” he stated.
