KARACHI: Pakistan’s total foreign currency reserves will cross $19 billionby end of the current month as the country is about to receive $4.1 billionfrom friendly countries in a week or two, finance minister said on Saturday.
Finance Minister Asad Umar said friendly countries would transfer around$4.1 billion in next couple of weeks, which will help in building upforeign exchange reserves and easing fiscal burden.
“The official reserves of the State Bank of Pakistan (SBP) will cross $12billion with addition of these amounts,” Umar added.
The country’s foreign exchange reserves stood at $14.956 billion as ofMarch 1. The SBP’s reserves amounted to $8.116 billion, while commercialbanks held $6.839 billion.
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The finance minister was addressing a moot, ‘Financing to Support Make inPakistan’. Pakistan Business Council (PBC) hosted the seminar.
The minister said Abu Dhabi Fund for Development (ADFD) will transfer twobillion dollars next week in the second tranche of three billion dollarsloan. The country received one billion dollar from the foreign aid agencyin January. Another $2.1 billion will come from China.
