Foreign exchange reserves rise to around $14b, Senate told

Islamabad: The Senate was told today that foreign exchange reserves of Pakistan have swollen from eight billion dollars to around 14 billion dollars due to prudent economic policies of the government.

This was stated by Finance Minister Ishaq Dar, while responding to various points of orders raised by the lawmakers in the Upper House.

The Finance Minister recalled that he had consistently been saying that Pakistan would not default and fulfilled all its sovereign commitments. He said the government managed to achieve this objective with the generous support from friendly countries like Saudi Arabia, Qatar and China. He said China rolled over our loans, when it realized that Pakistan had met all the technicalities in this regard.

Ishaq Dar expressed the resolve to further increase the foreign exchange reserves of the country to 15 billion dollars in next six to seven weeks.

Replying to another point of public importance, the Finance Minister said flights of the Pakistan International Airlines to European countries will likely be resumed by October this year.

He said PIA had to face an annual loss of around 70 billion rupees due to an irresponsible statement of a former minister of the previous regime. Referring to the passage of "The Pakistan Airports Authority Bill, 2023" from the Senate today, he said this legislation will pave the way for the resumption of national flag carrier's journey to the Europe as per understanding with the international authorities. He said a final inspection, after this legislation, will be done by next month for the revival of PIA's flights. He said this will also restore PIA's revenue worth billions of rupees.

The Finance Minister further said the government is trying to put the country on the path of economic stability and progress. He urged all the political forces to join hands to agree on a charter of economy to steer Pakistan out of financial crises.

Meanwhile, the Senate today passed four bills: These include "The Toshakhana (Management and Regulation) Bill, 2023", "The Pakistan Airports Authority Bill, 2023" for better administration, operation and development of airports and air transport services in Pakistan, "Pakistan General Cosmetics Bill, 2023" aimed at regulating the quality, standard, storage, labeling, packaging, manufacturing, distribution, and sales of the cosmetics in the country as well as "The National Institute of Technology Bill, 2023."

Besides, the chair referred another three bills, which were laid before the House, to the standing committees concerned. These bills were: "The Pakistan Civil Aviation Bill, 2023", "The Pakistan Air Safety Investigation Bill, 2023", and "The Pakistan Ruet-e-Hilal Bill, 2023."

However, the chairman dropped "The Prevention of Violent Extremism Bill, 2023" on the insistence of the members.

The House adopted a unanimous motion expressing deep gratitude to the president of Pakistan for his address to both the Houses assembled together on 6th October last year.

Minister of State for Law and Justice Shahadat Awan wrapped up the discussion on the President’s address to the Parliament.

The House will now meet on Wednesday at three in the afternoon.