Islamabad (Web Desk): Finance Minister Muhammad Aurangzeb has said the country's foreign exchange reserves are expected to hover between $9 to $10 billion by the end of this fiscal year.
Addressing inaugural session of the 7th Leaders in Islamic Business Summit in Islamabad today, he said at present the foreign exchange reserves stand at eight billion dollars.
He said the last tranche from the international Monetary Fund (IMF) stand by arrangement will take the foreign exchange reserves to over $ 9 billion.
Aurangzeb said this is a much better position in comparison to the previous year when the foreign exchange reserves had dipped to three point four billion dollars.
The finance minister also expressed satisfaction over the bumper crops saying the agriculture is growing by five percent.
Muhammad Aurangzeb said stock market is at all time high and foreign buyers are also coming in the market.
The finance minister said the government has initiated discussion with the IMF for a larger and longer program in order to bring permanence in the macroeconomic stability and ensure execution of structural reforms agenda.
He said the government has set targets to keep current account deficit and fiscal deficit within reasonable limits.
The minister said tax collection increased by thirty point two percent in the first nine months of current fiscal year.
He said that the government is working to attract foreign direct investment in the country.
Addressing the summit, Chairman Senate Yousaf Raza Gillani emphasized the importance of checking the population growth through awareness amongst the people about family planning.
He said the world community should also support Pakistan to deal with the challenge posed by climate change.
Addressing the Summit, Minister for Planning and Development Ahsan Iqbal said Pakistan has great potential to achieve economic growth.
He however emphasized the need for political stability in order to take the country forward.
The minister said collective efforts are need of the hour to put the country on positive trajectory.
