Pakistan’s foreign reserves increased to $19.809bn: Finance Minister

ISLAMABAD: Minister of State for Finance Rana Muhammad Afzal on Tuesday said that foreign exchange reserves of the country were $7.58 billion in 2013 when PML-N government came into power but it had increased to $19.809 billion at present due to prudent economic policies.

He said this while winding up debate in Senate on the admitted adjournment motion and clubbed motion under rule 218. These were regarding the devastating effect of the recent devaluation of rupee by over 10% and the present position of economy of the country respectively.

The minister said that exports of the country were increasing due to policies of the government while Foreign Direct Investment and remittances had also increased. He said that imports were declining but most of the imports were development oriented.

The minister assured to leave three months import reserves at the time of completion of tenure of PML-N government. He said that import had presently touched to $ 55 billion but it is development oriented.

Afzal said that continuous electricity is being provided to the industries as the government's priority was to give energy to starved industries.

He said that Ministry of Energy was working to overcome various challenges and uptake of finance by agriculture and industrial sectors is at record level.

He said that international organizations have acknowledged the improving economic rate in the country which would be made further better.

Earlier, Senators Mohsin Aziz and Jehanzeb Jamaldini also spoke on it.