Country's foreign exchange reserves increased by $600m: PM

Islamabad: Prime Minister Shehbaz Sharif on Tuesday said the country's foreign exchange reserves further increased by six hundred million dollars.

Launching the Prime Minister's Youth Sports Initiative in Islamabad today, he said Exim Bank of China has provided this roll over to the country.

The Prime Minister said our foreign exchange reserves are increasing but we want to do it not through loans but generating our income. He said it is possible as our youth has the potential to excel and take the country forward in the fields of sports, Information Technology, industries and the agriculture.

Paying glowing tributes to the athletes for earning fame for Pakistan through their outstanding performances, the Prime Minister said five billion rupees have been allocated in the budget to meet the necessary expenditures in connection with promotion of sports.

The Prime Minister said if provided with the opportunity after the elections, they would provide more resources for education, skills development and promotion of sports.

The Prime Minister's Youth Sports Initiative encompasses establishment of Sports Endowment Fund, the country's first sports University in Islamabad, Elite Sportsperson Development Program and measures for promotion of traditional as well as e-sports.

In his remarks on the occasion, Minister for Interprovincial Coordination Ehsan-ur-Rehman Mazari said a number of initiatives have been taken over the last fifteen months to further strengthen sports infrastructure in the country. He said a sports policy has also been prepared to promote various sports. He said structural reforms have also been introduced in the departments concerned in order to enable our youth better compete at the international events.

Special Assistant on Youth Affairs Shaza Fatima Khawaja recalled that Prime Minister Shehbaz Sharif revived the departmental sports after assuming the power to nourish capacity and capabilities of athletes.

She said the sports elements have also been included in the Prime Minister Youth Program under which talent hunt programs for hockey, football and volleyball have been conducted across the country. She was confident that the talent would further earn fame for Pakistan at the international level.

She said the Sports Endowment Fund will provide financial assistance to our legends as well as emerging players and the elite pool. She said out of the five billion rupees allocated for sports, one billion rupees will be spent for the establishment of the sports university. She said this university will prepare sports managers and other technical staff.