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ISLAMABAD: Minister for Finance, Ishaq Dar Wednesday said the government's next target for foreign exchange reserves was US $17 billion which would be achieved with its extra ordinary efforts.
"Our team has set a new target and that is to take our foreign exchange reserves to $17 billion and with the help of the Allah Almighty we shall make every possible effort to achieve this target", Ishaq Dar said in a meeting with Country Director World Bank, Rachid Benmessoud here.
The two leaders discussed important matters regarding future development roadmap of the country.
Benmessoud formally informed on behalf of the World Bank Management that Pakistan has again become eligible for availing the International Bank for Reconstruction and Development (IBRD) funding after a lapse of three years.
IBRD funding facility was suspended in March 2012 because at that time Pakistan could not fulfill the required conditions regarding macro-economic stability.
As Pakistan is now maintaining foreign exchange reserves of more than 2.5 months of projected imports and has satisfied other criteria of World Bank under the Country Partnership strategy (CPS), it will now be able to avail $2bn worth of IBRD funding during the four year period of Fiscal Years 2015-2019.
Benmessoud appreciated the continuous improvement in the macro-economic indicators including significant growth in FBR revenue as well as GDP, low inflation, cut in budget deficit and improving foreign exchange reserve position of the country which has played a pivotal role in restoration of this facility.
When the present government assumed responsibilities, the State Bank of Pakistan reserves were very low and after making repayments of foreign loans obtained by the previous governments the SBP reserves touched $ 2.82 billion in February 2014.
But corrective measures taken by the country's leadership brought the economy back on track and on February 11th this year the reserves touched $16 billion including over $11 billion with State Bank of Pakistan.
Benmessaoud also appreciated the efforts of the present government for uplift of the economy and felicitated the Finance Minister for his untiring efforts aimed at improving the economy and building a positive image of the country.
He said, "The WB team was happy to cooperate with Pakistan and its leadership keeping in sight their commitment to development."
The current IBRD facility will be utilized for priority infrastructure projects, said the Finance Minister.
This facility will help in realizing the vision of the Prime Minister for the economic development of the country.
He thanked Mr. Benmessaoud for his cooperation with Pakistan in its efforts for economic development.
Copyright APP (Associated Press of Pakistan), 2015
$17 billion is next target for foreign exchange reserves: Dar
"Our team has set a new target and that is to take our foreign exchange reserves to $17 billion and with the help of the Allah Almighty we shall make every possible effort to achieve this target", Ishaq Dar said in a meeting with Country Director World Bank, Rachid Benmessoud here.
The two leaders discussed important matters regarding future development roadmap of the country.
Benmessoud formally informed on behalf of the World Bank Management that Pakistan has again become eligible for availing the International Bank for Reconstruction and Development (IBRD) funding after a lapse of three years.
IBRD funding facility was suspended in March 2012 because at that time Pakistan could not fulfill the required conditions regarding macro-economic stability.
As Pakistan is now maintaining foreign exchange reserves of more than 2.5 months of projected imports and has satisfied other criteria of World Bank under the Country Partnership strategy (CPS), it will now be able to avail $2bn worth of IBRD funding during the four year period of Fiscal Years 2015-2019.
Benmessoud appreciated the continuous improvement in the macro-economic indicators including significant growth in FBR revenue as well as GDP, low inflation, cut in budget deficit and improving foreign exchange reserve position of the country which has played a pivotal role in restoration of this facility.
When the present government assumed responsibilities, the State Bank of Pakistan reserves were very low and after making repayments of foreign loans obtained by the previous governments the SBP reserves touched $ 2.82 billion in February 2014.
But corrective measures taken by the country's leadership brought the economy back on track and on February 11th this year the reserves touched $16 billion including over $11 billion with State Bank of Pakistan.
Benmessaoud also appreciated the efforts of the present government for uplift of the economy and felicitated the Finance Minister for his untiring efforts aimed at improving the economy and building a positive image of the country.
He said, "The WB team was happy to cooperate with Pakistan and its leadership keeping in sight their commitment to development."
The current IBRD facility will be utilized for priority infrastructure projects, said the Finance Minister.
This facility will help in realizing the vision of the Prime Minister for the economic development of the country.
He thanked Mr. Benmessaoud for his cooperation with Pakistan in its efforts for economic development.
Copyright APP (Associated Press of Pakistan), 2015
$17 billion is next target for foreign exchange reserves: Dar
