Foreign reserves: Dar informs PM of progress

Pakistan was faced with a balance of payments crisis in 2013, before the country turned towards the IMF

ISLAMABAD:

Pakistan’s foreign exchange reserves have reached $21 billion out of which $16 billion rest with the State Bank of Pakistan and the remaining are with commercial banks, informed Ishaq Dar to the Prime Minister on Wednesday.

The premier appreciated the performance of the economic team, led by Dar and said, “Pakistan is back on track of economic growth. Political stability, improved security situation and transparency in the public sector governance have contributed significantly to this increase.”

Pakistan was faced with a balance of payments crisis in 2013, before the country turned towards the International Monetary Fund. The three-year Extended Fund Facility of the IMF has helped Pakistan not just avert a crisis, but increase its reserves to new levels.

Published in The Express Tribune, December 24^th, 2015.

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