Ishaq Dar claims forex reserves stand at $10b

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Says funds from friendly countries, including Saudi Arabia, will be ‘transferred to Pakistan soon’

Finance Minister Ishaq Dar has reaffirmed that Pakistan’s foreign exchange reserves will strengthen very soon saying that the country’s reserves stood at a total of $10 billion.

Recalling the economic feats achieved by the PML-N government from 2013 to 2018, Ishaq Dar said that they oversaw a period where the gross domestic product (GDP) of the country improved from $244 billion to $356 billion.

Ishaq Dar said, “Pakistan reserves stood at a total of $10 billion — $4 billion of the State Bank of Pakistan and $6 billion of commercial banks.

Pakistan is repaying its loans on time, and the foreign exchange reserves will soon boost.”

The finance minister mentioned that a delegation of the International Monetary Fund (IMF) would soon visit the country and he would also meet the lender’s officials at the Geneva moot.

The International Conference on Climate Resilient Pakistan will take place on January 9 in Switzerland’s Geneva, where the coalition government aims to raise funds to recover from the deadly floods.

After concluding the visit to Geneva, Dar, without mentioning further, told the media outlet that he would visit the United Arab Emirates (UAE) on a three-day official visit.

“Funds from Saudi Arabia and other friendly countries will soon be received,” the finance minister said, who told journalists earlier this week that he expects inflows from China “in a few days”.