Dar credits govt’s prudent economic policies as Pakistan’s forex reserves rise to $14 billion

In a recent Senate session, Finance Minister Ishaq Dar announced that Pakistan’s foreign exchange reserves have witnessed a significant increase, rising from $8 billion to an impressive $14 billion. He attributed this remarkable growth to the government’s prudent economic policies and the unwavering support received from friendly nations, including Saudi Arabia, Qatar, and China.

Dar said that China played a pivotal role in bolstering Pakistan’s financial position. Recognising Pakistan’s adherence to all technicalities regarding loan repayment, China graciously agreed to roll over the country’s loans. This move from China came as a testament to Pakistan’s commitment to fulfilling its financial obligations.

Speaking about the nation’s economic future, Dar urged all political forces to unite and collaborate on a charter for the economy. The proposed charter aims to tackle the country’s financial challenges collectively, serving as a guiding framework to lead Pakistan out of the current financial crisis.

Addressing a specific issue, the Finance Minister expressed concern over Pakistan International Airlines (PIA) annual loss of approximately Rs70 billion. He attributed this financial setback to an irresponsible statement made by a former minister during the previous regime. Dar highlighted the need for careful and responsible statements from leaders, as they can have far-reaching consequences for the national flag carrier.

In a piece of encouraging news for the aviation sector, the minister also shared that the Pakistan Airports Authority Bill 2023 is on track to be implemented. Once enacted, this bill will pave the way for the resumption of PIA’s operations in Europe. The move is expected to bolster the airline’s revenue and contribute positively to the nation’s economic growth.