Govt says won’t allow foreign reserves to fall below $8bn

KARACHI: The government on Saturday said no more dwindling in the foreign exchange reserves will be tolerated.

The finance ministry spokesperson said the government will not allow foreign exchange reserves held by State Bank of Pakistan to fall below $8 billion, adding that steps are being taken to acquire foreign financial assistance in this connection.

The spokesperson said the government is hoping an agreement with the International Monetary Fund (IMF) will be executed before Christmas.

According to experts, Pakistan is suffering a deficit amounting to $2 billion due to difference between external payments and receipts. This is the main reason that foreign exchange reserves are dipping persistently, they added.

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In order to contain this situation, experts believe it is imperative that the government scales up its exports and attract foreign investors to invest in Pakistan.




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