Pakistan Foreign Exchange Reserves to hit highest level of history

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Pakistan Foreign Exchange Reserves to hit highest level of history

ISLAMABAD - State Minister for Information and Broadcasting Farrukh Habib expressed his optimism on Monday that the foreign remittances would touch $28 billion mark by the end of June.

Addressing a news conference here at the National Press Club, he said that the overseas Pakistanis had full trust in the leadership of Prime Minister Imran Khan, adding: “This is the reason that they are now sending money through banking channels.” “During the first 10 months of the current fiscal year, an amount of $24 billion has already been received,” he said. “If this (trend) goes on with the same pace, the foreign remittances may touch $28 billion by the end of fiscal year 2020-21,” the minister maintained.

Farrukh Habib said some overseas Pakistanis were reluctant to send their remittances to the country through legal channels as they did not believe in the previous governments. “They did not send money to the country (during the last regimes) because they knew that their money would be laundered abroad where the children (of the past rulers) were doing businesses.”

With regard to the present government’s economic achievements, he said the country’s exports surged by 13.5 per cent, while the large-scale manufacturing grew by 9 per cent. Likewise, the foreign exchange reserves had reached $23 billion.

Unlike the previous regime, he said the present government had reinvigorated the textile industry by giving an amount of Rs40 billion in subsidy to the businessmen associated with the sector in Punjab. “There is a shortage of labourers in Faisalabad where the mill owners are forced to increase their salaries so that their work continues uninterrupted.”

He hoped that the exports would reach $26 billion by the end of current fiscal year as it was expected that the export of textile items would alone contribute between $15-16 billion.