Short term plans of the Government to shore up the foreign exchange reserves

According to the information made available to the National Assembly by the Minister for Finance, Revenue, Economic Affairs, Statistics and Privatization, (Mr. Muhammad Ishaq Dar), the Government has been following plans for building foreign exchange reserves in calendar year 2014. The details of proposed inflows are as follows:

World Bank & ADB: $1.4 billion
IDB/Commercial: $1.2 billion
Global/Euro Bonds(IFC): $2.0 billion
Remittance-based bond Floatation: $1.0 billion
Shares disinvestment through stock market: $1.0 billion
Etisalat $0.8 billion
3G licenses $1.2 billion
Recovery of pending
Claims CSF: $1.5 billion

The Government of Pakistan has signed an agreement with IMF under EFF in July, 2013 and received first and second tranches of US$544 & $553 million respectively. Nevertheless, to improve and stabilize the external position and build foreign exchange reserves over the medium term would require growth, and diversification of exports both in terms of products and markets; and improving foreign investment inflows particularly foreign direct investment.

Note: The above information is based on the question & sessions of the National Assembly of Pakistan. Please visit the official website of the National Assembly for details.

About National Assembly: The National Assembly of Pakistan is the country's sovereign legislative body. It embodies the will of the people to let themselves be governed under the democratic, multi-party Federal Parliamentary System. The National Assembly makes laws for the Federation in respect of the powers enumerated in the Federal Legislative list. Through its debates, adjournment motion, question hour and Standing Committees, the National Assembly keeps as check over the Executive and ensures that the government functions within the parameters set out in the Constitution and does not violate the fundamental rights of citizens. Only the National Assembly, through its Public Accounts Committee, scrutinizes public spending and exercises control of expenditure incurred by the government.

Tags: Pakistan, Economics, Business

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