Forex reserves stand at $13.721 billion, NA told

Minister says Pakistan received $5,609.92 million in debt and $55.92 million in aid

ISLAMABAD:

The National Assembly was told on Friday that the country’s total liquid foreign exchange reserves stood at $13.721 billion as of November 4.

In a written reply, the finance ministry informed the lower house that the State Bank of Pakistan (SBP) has total foreign exchange reserves of more than $7.957 billion, while the commercial banks hold foreign exchange reserves of $5.76 billion.

Meanwhile, as per the details of the loans and assistance received by the present government, the government received a total of $5665.83 million in aid and loans from April 11 to September 30, 2022.

In a written answer, Minister for Economic Affairs Sardar Ayaz Sadiq said $5609.9 were received on account of loans and $55.92 million as aid.

Earlier, the National Assembly was informed that the country faces no risk of default.

Minister of State for Finance Aisha Ghaus Pasha told the house during question hour that the country was faced with a difficult situation when the present coalition government came into power as the IMF program was suspended.

She said the government revived the IMF program while improvement is being seen in exports and remittances were also being injected into the country's economy.

The state minister further said the investors are showing interest in investing in the country as a result of the reforms.

Federal Minister for Commerce and Investments Syed Naveed Qamar told the National Assembly Pakistan was not considering any agreement with Afghanistan under the Free Trade Agreement.

However, in a written response, the minister said that under the Free Trade Agreement, negotiations are being held with Iran since 2017.

“There have been four rounds of negotiations with Iran under the agreement. The fourth round was held in 2019,” he said and explained that the lack of banking channels and sanctions imposed on Iran delayed the matters.