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Forex reserves

shoot up to $1.84 billion: Dar

KARACHI: Pakistan's foreign exchange reserves have shot up to 1.846 billion dollars on Wednesday with the release of dollars 200 million Asian Development Bank (ADB) trade promotion loan.

"Our forex reserves have swollen to dollars 1.84 billion today," said Finance Minister Ishaq Dar while talking to APP after a meeting with the foreign bankers.

He said the loans will help make domestic industries competitive to foreign firms while supporting implementation of a new investment policy and the privatisation of state industries.

"The approval of financial assistance by ADB and other international agencies indicate their confidence in Pakistan's economy," he said.

Finance Minister said since January 1 this year, Pakistan has made payments to the tune of 1.68 billion dollars on various accounts to international donor agencies, airlines, shipping lines, royalty, dividends, suppliers' credit etc.

"Payments included that of government and private borrowing," he said.

The minister said government had been successful in maintaining reserves to over 1.5 billion dollars mark for the last four months.ÑAPP