Finance Minister Muhammad Aurangzeb announced on Tuesday that Pakistan's foreign exchange reserves are anticipated to range between $9 to 10 billion by June.
Speaking at the inaugural session of the 7th Leaders in Islamic Business Summit in Islamabad, Aurangzeb stated that the current foreign exchange reserves stand at $8 billion. He mentioned that the final tranche from the International Monetary Fund (IMF) standby arrangement would boost reserves to over $9 billion, marking a significant improvement compared to last year's dip to $3.4 billion.
Aurangzeb expressed contentment over the robust agricultural sector, noting a growth rate of five percent. He highlighted the record high stock market performance and increased interest from foreign investors in Pakistan. Additionally, discussions with the IMF for a larger and longer program aimed at sustaining macroeconomic stability and implementing structural reforms are underway.
The government has set targets to maintain current account and fiscal deficits within reasonable limits, with tax collection already showing a 30.2 percent increase in the first nine months of the current fiscal year. Aurangzeb emphasized the importance of expanding the tax-to-GDP ratio and reiterated the government's efforts to attract foreign direct investment to the country.
