Senate Session

Minister for Industries Hammad Azhar said country’s foreign exchange reserves have increased to about twenty billion dollars.

The Minister informed the Senate that State Bank of Pakistan has foreign exchange reserves of twelve to thirteen billion dollars.

During question hour in the upper house, he said that the reserves have increased due to improvement in exports and remittances.

The Minister for industries said there has also been a record debt servicing during the tenure of the present government. He said we are paying back ten billion dollars annually.

Hammad Azhar said the current account has shown a surplus of 1.6 billion dollars during the first five months of current financial year against a deficit of 1.7 billion dollars in the corresponding period last year.

The Minister for industries said that Special Economic Zones will be constructed under the mega China Pakistan Economic Corridor project.

He said projects worth 1.7 billion dollars are in the phase of implementation in Gwadar under the CPEC.

He said two projects have already been completed while seven projects worth 1.2 billion dollars projects are in the execution phase.