Forex reserves able to finance only three months of imports: Mandviwala
Federal cabinet to take decision on LNG imports, says Mandviwala.
An old photo of Salim Mandviwala PHOTO: MOHAMMAD AZEEM/EXPRESS
ISLAMABAD:
Finance Minister Salim Mandviwala has said that Pakistan's current foreign exchange reserves are only enough to finance three months worth of imports, Roznama Express reported.
The federal minister further remarked that Pakistan might have to ask the International Monetary Fund (IMF) for a fresh loan in duo course.
The minister's assessment came days after the Pakistan director of the Asian Development Bank, Warner Leipach told Reuters in an interview that the country urgently required US$9billion in IMF lent funding in order to avoid a balance of payment crisis.
Addressing a media briefing in Islamabad, Mandviwala remarked that he had opposed a cabinet proposal of laying down a new network of agricultural tube wells as this would result in the government spending an extra Rs15billion in agricultural subsidies.
He further added that as the floating of the licenses and contracts for importing Liquefied Natural Gas (LNG) was a multi-billion dollar process, he had divested his authority in the federal cabinet to make a decision in this regard.
Finance Minister Salim Mandviwala has said that Pakistan's current foreign exchange reserves are only enough to finance three months worth of imports, Roznama Express reported.
The federal minister further remarked that Pakistan might have to ask the International Monetary Fund (IMF) for a fresh loan in duo course.
The minister's assessment came days after the Pakistan director of the Asian Development Bank, Warner Leipach told Reuters in an interview that the country urgently required US$9billion in IMF lent funding in order to avoid a balance of payment crisis.
Addressing a media briefing in Islamabad, Mandviwala remarked that he had opposed a cabinet proposal of laying down a new network of agricultural tube wells as this would result in the government spending an extra Rs15billion in agricultural subsidies.
He further added that as the floating of the licenses and contracts for importing Liquefied Natural Gas (LNG) was a multi-billion dollar process, he had divested his authority in the federal cabinet to make a decision in this regard.