Country's foreign exchange reserves reached $14b as result of Govt's efforts: Dar

Islamabad: Finance Minister Ishaq Dar on Friday said the country's foreign exchange reserves reached fourteen billion dollars as a result of government's efforts.

Speaking in the National Assembly on Friday, he said 8.7 billion dollars are in possession of State Bank of Pakistan and 5.3 billion dollars are held by the Commercial Banks.

Referring to the three billion dollars stand by arrangement reached with the IMF and the financial assistance extended by Saudi Arabia and the UAE, he said we have made all the external payments in a timely manner.

He said it will be our effort to further enhance our foreign exchange reserves.

The Finance Minister made it clear that no new tax is being imposed on agriculture and the construction sectors, clarifying that the government has already delivered on IMF's prior actions and announced taxation measures of 215 billion rupees in the winding up budget speech.

Ishaq Dar said it is our effort to bring down the inflation. He said that according to State Bank of Pakistan, the inflation will come down to 7 percent in two years’ time if the consistency in policies continued.

On the occasion, the Finance Minister also placed before the House the documents pertaining to the standby agreement reached with the IMF.

The National Assembly was informed today that Islamabad International Airport will be outsourced for fifteen years after a competitive bidding process.

Responding to a calling attention notice, Minister for Aviation Khawaja Saad Rafique told the House that about twelve companies have shown their interest in the operations of the Islamabad International Airport. He said the outsourcing process of Islamabad International Airport will be completed in next two and a half month.

The Minister said airports of Lahore and Karachi will also be outsourced, stressing that best international practices will be emulated at our airports. He assured that employees will not be laid-off.

Expressing concerns of huge deficit of Pakistan International Airline, the Minister emphasized for its restructuring, assuring that rights of the employees will be protected. He said that PIA's flight operation to UK will resume in the next three months which will be followed by resumption of flights to European Union and US.

On a point raised by Salahuddin of Muttahida Qaumi Movement, Speaker Raja Pervez Ashraf directed the Capital Development Authority to ensure timely completion of Yadgar-e-Dastoor and Bagh-e-Dastoor in the federal capital.

The Speaker had performed groundbreaking of these projects at the start of golden jubilee celebrations of the Constitution of Islamic Republic of Pakistan 1973.

Raja Pervez Ashraf said that the matter will be taken to the privileges committee if non-seriousness was witnessed towards the construction of Yadgar-e-Dastoor and establishment of Bagh-e-Dastoor.

The House will now meet again on Monday at 5 p.m.