WASHINGTON: Minister of Finance, Senator Ishaq Dar has claimed that Pakistan had become the 18th largest economy of the world whose forex reserves had risen to $17.67 billion.
Interviewing to Washington-based Pakistani journalists, Dar said that the forex reserves are expected to touch the higher figure this year than before due to increasing international confidence in economic direction of Pakistan. At present State Bank of Pakistan has $12 billion while remaining $5.67 billion are with private banks.
“Our next target is to cross the past highest level of $18.29 billion in reserves this year. We have not had the luxury of a front-loading IMF facility as was the case when that level was achieved, but we have built up reserves on the basis of a range of policy measures and macroeconomic stability”, said Dar. In addition to increase in economic figures, inflation has been decreased considerable, he added.
Finance Minister Ishaq Dar along with Parliamentary Secretary for Finance Rana M Afzal, Governor State Bank Ashraf Mahmood Wathra and Secretary Revenue were present in Washington to attend the Spring 2015 IMF-World meetings. Dar also throw light on the macroeconomic indicators, including GDP growth, low inflation, equity markets, successful response of Sukuk, and confidence of world’s financial institutions on Pakistan.