KARACHI: The total liquid foreign reserves held by the country stood at US$ 21,004.8 million on 28 April 2017 showing an increase of $ 12 million.
A State Bank of Pakistan (SBP) statement here on Thursday said that the break-up of the foreign reserves position is as under: Foreign reserves held by SBP: US$ 16,061.6 million, Net foreign reserves held by commercial banks: US$ 4,943.2 million, Total liquid foreign reserves: US$ 21,004.8 million.
During the week ending 28 April 2017, SBP’s reserves increased by US$ 12 million to US $16,062 million, the statement added. Dar meets ADB, AIIB, JICA Presidents Yokohama, May 4 (APP): Finance Minister, Senator Mohammad
Ishaq Dar who is in Yokohama Japan had a number of meetings on sidelines of the 50th annual meeting of the Asian Development Bank (ADB) which started Thursday.
According to press statement issued by the Ministry of Finance, the minister met with the ADB President and briefed him about the economic performance and achievements of Pakistan and government’s policies to enhance growth while reducing budgetary deficit.
The Finance Minister highlighted that due to effective steps taken by the government, the GDP growth rate was at an eight years high in FY 2016 i.e at 4.7% whereas the fiscal deficit had been reduced by more than half i.e. from 8.8% to 4.6%.
The Finance Minister highlighted that these achievements in economic growth had been achieved despite Pakistan waging war against terrorism which had cost more than $3billion for security operations in last three years alone.
He said that Pakistan has setup the Pakistan Development Fund for the development of critical infrastructure and hoped that ADB would strengthen its support for such an important initiative.
President ADB lauded Pakistan’s efforts and stated that there was wide spread recognition of government’s success in turning the economy around.
He said that improvement in economic fundamentals greatly assures the international investors and donors alike and now it was expected that more foreign direct investment would flow towards
Pakistan Finance Minister later met with the President of Asian Infrastructure Investment Bank (AIIB). The AIIB President stated that Pakistan’s economic growth rate was appreciable and its positive impact was well spread amongst all segments of the society.
During the interaction the Finance Minister thanked the President for grant of first two projects of AIIB to Pakistan and briefed him that the government had substantially strengthened the social security net in last three years from Rs.43 Billion to Rs.117 Bn.
He also stated that poverty had substantially reduced from around 64% in 2000 to 29% in 2016. The Minister informed that Pakistan Investment Bank was being created with IFC in the lead to cater to the needs of the private sector infrastructure projects. The President of AIIB assured bank’s support to the Finance Minister.
Finance Minister during a meeting informed President of Japan International Cooperation Agency (JICA) that after achieving macro-economic stability the government had set its sight on achieving sustainable, inclusive and higher growth.
Commenting on CPEC initiative, the Finance Minister explained that CEPC was not just a bilateral project rather it is an initiative leading towards regional connectivity and development, therefore, all interested were welcome to come and take advantage of the opportunities and invest.
He reiterated that CPEC offered a major share for investment to the private sector to the tune of $34billion hence the misconception regarding debt sustainability of Pakistan vis-a-vis CEPEC funding was unfounded.
President JICA thanked the Finance Minister and assured that JICA would maintain and enhance its engagement in Pakistan especially for human resource development.
Speaking as a panelist at a seminar chaired by President of ADB on the launch of Book to celebrate 50 years of ADB, the Finance Minister praised the role of ADB in supporting growth and progress in Asia.
He highlighted the evolution and changing role of ADB especially as it had been flexible in adopting challenges and corresponding response.
The Minister remarked that next decade and millennium belong to Asia. On the margins of the conference, the Finance Minister also met with the Finance Minister of Indonesia, Shri Mulliani. Both discussed matters of mutual interest and hoped to further cement bilateral cooperation.
In his meeting with the Finance Minister of Maldives Ahmad Munawwar, the Finance Minister reiterated Pakistan’s commitment to Maldives economic development and said that Pakistan deeply values its relationship with Maldives.
In response, Maldives Finance Minister recalled Pakistan’s gift of building Maldives Parliament House and requested Pakistan’s assistance in capacity building towards its fiscal consolidation.