Forex reserves to reach $16b by year end: PM

ISLAMABAD, March 29 (APP): Prime Minister Muhammad Nawaz Sharif expressed the hope on Saturday that the country’s foreign exchange reserves would be around $16 billion by end of this year. The Prime Minister, in a meeting with Sri Mulyani Indrawati, Managing Director and Chief Operating Officer of World Bank, who called on him here at the PM House, said due to the rational and pragmatic economic and monetary policy of the government, the country’s economy had stabilized and was moving ahead in the right direction. Country Director World Bank Rachid Benmessaoud and Minister for Finance Muhammad Ishaq Dar and Nasir Mahmood Khosa also attended the meeting.
The Prime Minister said the government had identified the priorities for next five years, including energy and infrastructure sectors. Assistance of World Bank in the priority areas would support Pakistan in achieving its development targets, he added.
Highlighting the energy initiatives of the government, he said Pakistan Energy Park in Gaddani comprised 10 coal-based power generation plants with generation capacity of 660 megawatts each that would add 6600 MW to the energy supply of the country.
The development of Thar coal and its utilization for power generation was also a priority area, he added.
He said the World Bank could play a major role in supporting the efforts of Pakistan’s government in addressing the energy crisis and appreciated the World Bank’s cooperation to Pakistan in social, infrastructure, water and energy sectors.
Nawaz Sharif said Pakistan believed in good relations with Afghanistan and India.
“I believed in this policy in past and am pursuing it in my present government,” he told the guest, adding that Pakistan wanted to have good relations with India regardless of whosoever was in power.
The World Bank MD appreciated the economic policies of government and said the economic indicators were positive as Pakistan was striding on path of development.
She also assured continued support of the World Bank for development projects. (Courtesy: APP)