In positive economic development, Pakistan forex to increase by $6 billion

In positive economic development, Pakistan forex to increase by $6 billion

ISLAMABAD - The fifth meeting of the Special Investment Facilitation Coun­cil's (SIFC) Apex Committee held here on Friday with a spe­cial focus to improve the over­all business and investment en­vironment in the country being imperative for ‘economic revival’.

The meeting was chaired by Caretaker Prime Minister An­waarul Haq Kakar and attend­ed by Chief of Army Staff, feder­al cabinet members, provincial chief ministers and high-level government officials.

The ministries concerned pre­sented their plans/roadmaps to overcome the macroeconomic challenges, governance related impediments and voids in regu­latory mechanisms in a bid to at­tract both foreign and domestic investment, and stimulate eco­nomic growth.

The committee deliberated upon various measures to be taken in short, medium and long terms to reap the envisaged div­idends. Various practical steps were approved by the prime minister that will be operation­alised as soon as possible.

The prime minister asked the ministries to deliver optimal re­sults irrespective of the time that was available with the care­taker government and empha­sized to lay a strong foundation for the future government.

Addressing a press conference along with federal ministers in Islamabad on Friday, Caretak­er Minister for Information and Broadcasting Murtaza Solangi says steps are being taken to pro­mote investments in the country. Murtaza Solangi also said steps are also being taken to reduce government’s expenditure. He said issues related to smuggling, dollar and other commodities were discussed during Friday’s meeting of Special Investment Facilitation Council. Speaking on the occasion, Caretaker Minister for Finance Dr Shamshad Akhtar said we intend to enhance so­cial safety net amidst structur­al adjustments. She said we are making concerted efforts to aug­ment macroeconomic stability. She said our priority is to ensure supply of energy to industrial sector.

Caretaker Finance Minister Shamshad Akhtar on Friday said that the country is likely to receive $6billion inflows from the multiple sources during the current year 2023 including next tranche from the Interna­tional Monetary Fund (IMF).

Addressing a press confer­ence, the minister said that the IMF would hold next review with Pakistan in November this year, which would pave way for releasing next loan tranche by the end of current year.

She further said that the coun­try would also receive loans from the World Bank and Asian Development Bank. Overall, the country would receive $6 bil­lion from different sources, she added. While answering a ques­tion of a reporter Dr Shamshad Akhtar said, “Once our imports will be open and 2nd review of IMF is done in November, we can potentially get payments from IMF, Asian development Bank, world bank and we can possibly get $6 billion inflows by the end of this year