Govt Says Would Not Permit Foreign Reserves to Drop Below $8bn – Research Snipers

Govt Says Would Not Permit Foreign Reserves to Drop Below $8bn

foreign reserves

The government said that it would not be permitting anymore decrease in the foreign reserves. The statement was made on Saturday.

The spokesperson of the finance ministry said that the government would not be permitting the foreign exchange reserves held by the State Bank of Pakistan to go below $8 billion. It also added that measures would be taken for attaining the foreign financial assistance in this relation.

The spokesperson further said that the government is expecting an agreement with the International Monetary Fund (IMF) to be executed before the Christmas that is the 25th of December.

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As per experts, Pakistan is undergoing a decrease in the amount of two billion dollars owing to the difference between the external payments and receipts. This is the major reason that the foreign exchange reserves are dropping on a persistent basis, they further said.

In order to manage the situation, the experts believe that it is authoritative that the government increase its exports and attract international investors for making investments in Pakistan.

The new government of Pakistan Tehreek-e-Insaf under the chairmanship of Imran Khan is also in the process of taking final steps that need to be adopted for increasing the exports and for controlling the import bill.

According to sources, the government is hopeful that the new measures would cause more than eighteen per cent increase in exports in the present fiscal year.

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