In a bold and ambitious move, Pakistan’s Finance Minister, Ishaq Dar, has set forth an audacious goal of raising the country’s foreign reserves to an impressive $15 billion within the short span of seven weeks. With a vision to bolster the nation’s economic stability and pave the way for sustainable growth, this ambitious endeavor has captured the attention of citizens and investors alike. In this blog, we delve into the challenges and strategies involved in this financial revival, examining its potential impact on Pakistan’s economic landscape.
His Speech at the Senate of Pakistan
Finance Minister Ishaq Dar gave his speech at the Senate of Pakistan. In his speech, he promised to raise the country’s origin exchange reserves [FX] from $ 14 billion to $ 15 billion in the next seven weeks. He said that the past 11 months were difficult for Pakistan because of the pressure of repaying a debt of $ 3 billion. However, in his speech, Ishaq Dar expressed his gratitude for the support Pakistan is receiving from different countries. Ishaq Dar expresses gratitude especially toward China because of extending the duration of the loan worth $ 2.4 billion by two years which will Help Pakistan’s Financial Situation.
Current Month’s Financial Aid of Pakistan
In this current month, Pakistan received a total of $4.2 billion of financial aid from different sources
From Saudi Arabia
The aid is $ 2 billion
The aid is $ 1 billion from the United Arab Emirates [UAE]
Pakistan received aid of $1.2billion from the International Monetary Fund [IMF]
Pakistan received $ 3 billion approved from the Stand By Agreement [SBA] which was finalized by June 29. A $300 million loan was also provided by the Industrial and Commercial Bank of China (ICBC), as disclosed by the finance minister.