‘Pakistan Economy on right track, foreign reserves to be taken to $20bn in 3 years’

'Pakistan Economy on right track, foreign reserves to be taken to $20bn in 3 years' | PakistanTribeISLAMABAD – Federal Finance Minister, Senator Muhammad Ishaq Dar has said that the country’s economy is on the right track, saying that the foreign exchange reserves would be taken to $ 20 billion during the next three years.

In an interview with a private TV channel, Ishaq Dar said that Pakistan has started the work on the projects for production of 4000 megawatt electricity. He said that 70 percent electricity is being produced from furnace oil and it costs Rs 24 per unit.

He said that the government, through alternative resources, is making efforts for providing electricity to the people on cheaper rates.

He said that there would be neither employment nor economic development in the country unless the rate of GDP would be seven percent.

He said that the exports would increase from one and half billion dollars to 1.75 billion dollars after getting the GSP-Plus status.

He said that Pakistani government had been making efforts for the GSP-Plus status for the six months and some countries were openly opposing on giving GSP-Plus status to Pakistan.

He said that no duty would have to be paid on the exports of Pakistan under the GSP-Plus, saying that now there would be less expenditure on the Pakistani exports.

Ishaq Dar said that the people should assist the industry, saying that 1700 megawatt electricity increased with the payment of circular debt.

He said that Pakistan is facing shortage of 4000 megawatt and work is underway on the projects of 8000 megawatt.

Finance Minister said that State Bank of Pakistan (SBP) has the reservoirs of 3 billion and 400 million dollars instead of 2 billion and 900 million dollars.

He said that 550 million dollars would be received from the International Monetary Funds (IMF) on December 19 while the outstanding installments of the IMF are being paid.

He said that the former government should have paid the debts but it has not paid the debts. He said that the caretaker government should have no right to make such decisions, which would be implemented by the upcoming government. He said legislation should have to be done regarding the matter, adding that the caretaker government should handover clean slate to the new government.

About the author

Afrah Kamran

Graduate in Media Sciences, Afrah Kamran is PakistanTribe's Correspondent in the United States. She writes on current affairs and latest happenings across U.S., especially from New York and Washington. She was part of PakistanTribe's editorial desk before leaving for United States.

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