KARACHI: Adviser to the Prime Minister on Commerce, Abdul Razak Dawood, on Saturday said Pakistan will achieve its all-time high exports’ target soon, ARY News reported.
Addressing a conference in Karachi, Dawood said imports of the country should be decreased to improve the economy. “The economy is on the right track despite difficult conditions,” he added.
He was of the view that the government was utilizing all resources to create investment opportunities and streamline national economy.
Meanwhile, the State Bank of Pakistan stated in its report on Jan 17 that the overall foreign reserves of Pakistan were recorded at the level of $13.48bn after a dip of $140.80 mn due to external debt servicing and other payments.
The reserves held by the SBP are currently standing at $6.90bn whereas the forex reserves available with the commercial banks were at $6.58bn level.
In a data released by the central bank in its weekly report, the reserves held by the SBP stood at $7.4bn whereas the forex reserves available with the commercial banks were at $6.54bn level.
Pakistan is struggling to meet its debt-service requirements and is facing a balance-of-payments crisis which has resulted in a rapid decline of the reserves.
However, the situation is expected to improve soon as the United Arab Emirates (UAE) has finalised a financial package for Pakistan worth $6.2bn, while a $1bn tranche from Saudi Arabia is likely to be released in the month of February.
Besides, China had also confirmed the Financial Times story that said the Asian giant would soon provide Pakistan with $2bn in financial aid to support its economy.
The post Economy on right track despite difficult conditions: Dawood appeared first on ARYNEWS.
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