PM expresses confidence as forex reserves reach historic high of $21.4 billion
Prime Minister Muhammad Shehbaz Sharif on Friday expressed satisfaction over the State Bank of Pakistan’s (SBP) foreign exchange reserves reaching a historic high of $21.4 billion, terming it another milestone towards economic stability.
In a statement issued by the PM’s Office, the prime minister expressed gratitude to Almighty Allah and said the increase in reserves reflected the sustained efforts of the economic team and the government’s measures in the right direction.
He said significant improvement in remittances and services exports, a better current account position and fiscal discipline had played an important role in strengthening the country’s foreign exchange reserves.
The prime minister said Pakistan’s successful return to international capital markets was also a manifestation of restored global confidence in the country’s economy.
He said the increase in foreign exchange reserves would strengthen the country’s capacity to meet external payment obligations and enhance its ability to withstand global economic challenges.
Prime Minister Shehbaz Sharif said a stable economic position would open new avenues for greater external confidence, investment and sustainable economic growth.
He paid tribute to Finance Minister Muhammad Aurangzeb, the SBP governor, the government’s economic team and, in particular, overseas Pakistanis for their contributions to the achievement.
The prime minister further noted that, unlike previous increases in foreign exchange reserves, the latest rise had not been driven by an increase in external borrowing but was primarily supported by the SBP’s purchase of foreign exchange.
He also noted that the SBP had significantly reduced its outstanding foreign exchange-related obligations, contributing to the improvement in the country’s reserve position.
