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

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

ISLAMABAD – Minister for Industries Hammad Azhar has said the State Bank of Pakistan has foreign exchange reserves of twelve to thirteen billion dollars, adding that the reserves have increased due to improvement in exports and remittances.

He was speaking on the floor of Senate during the question hour, with Chairman Sadiq Sanjrani in the chair.

The Senate was informed today that the country’s foreign exchange reserves have increased to about twenty billion dollars.

The minister said there has also been a record debt servicing during the tenure of the present government. He said we are paying back ten billion dollars annually.

Hammad Azhar added the current account has shown a surplus of 1.6 billion dollars during the first five months of current financial year against a deficit of 1.7 billion dollars in the corresponding period last year.

He further said that special economic zones will be constructed under the mega China Pakistan Economic Corridor project

Adviser on Commerce and Trade Abdul Razak Dawood informed the house that the government is taking concrete steps to boost exports.

During the pandemic, the government provided a stimulus package worth 180 billion rupees to industries.

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