Islamabad : Finance Minister Muhammad Aurangzeb has said the country’s foreign exchange reserves are expected to hover between nine to ten billion dollars by the end of this fiscal year.
Addressing the 7th Leaders in Islamic Business Summit, he said at present the foreign exchange reserves stand at eight billion dollars. He said the last tranche from the IMF understand by arrangement will take the foreign exchange reserves to over nine billion dollars. He said this is a much better position in comparison to the previous year when the foreign exchange reserves had dipped to three point four billion dollars.
The Finance Minister also expressed satisfaction over the bumper crops saying the agriculture is growing by five percent.
Muhammad Aurangzeb said stock market is at all time high and foreign buyers are also coming in the market.
The Finance Minister said the government has initiated discussion with the IMF for a larger and longer program in order to bring permanence in the macroeconomic stability and ensure execution of structural reforms agenda.
He said the government has set targets to keep current account deficit and fiscal deficit within reasonable limits.
He said tax collection increased by thirty point two percent in the first nine months of current fiscal year.
The Finance Minister said the government is working to attract foreign direct investment in the country.