Government has implemented concrete steps to improve external position by ensuring substantial capital, financial inflows in country: Finance Minister

Islamabad, March 10, 2014 (PPI-OT): Government of Pakistan has implemented concrete steps to improve overall external position by ensuring substantial capital and financial inflows in the country; and as a result Forex Reserves of Pakistan have improved substantially in the last one month.

This has been made possible by not only receiving larger inflows from multilateral and bilateral resources; but also through attracting Forex flows through the capital markets and better home remittances.

I am very pleased to inform that the Forex Reserves of the country have improved from US$ 7.59 billion on 07 Feb 2014 to US$ 9.37 billion on 07 Mar 2014. The efforts of the Government have started to show positive results and are on track to deliver what we had announced earlier that by the grace of Allah our Forex reserves will reach around US$ 10 billion by the end of March2014.

As you know in the first half of FY14 there was some drain on the foreign exchange reserves mainly on account of timing of large debt repayments; and we also saw some speculative tendencies putting pressure on the value of Rupee. However, we have all seen the recent positive results of our efforts and the resultant reversal of the speculative positions.

Government is following a carefully planned strategy to attract Forex inflows from different sources, CSF recoveries, Eitselat receivables, receipts of Euro bonds and inflows from multilateral and bilateral inflows as planned in the budget. These inflows will help in improving the reserves position of the country and will help in channelizing the domestic PKR liquidity to private sector.

For more information, Contact:
Director General (Media)
Naveed Iqbal
Ministry of finance
Government of Pakistan
Room # 514, Block-’Q', Finance Division,
Pak. Sectt. Islamabad
Phone: 92 51 9206382, 9211707
E-mail: naveed.iqbal377@gmail.com

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