PM Shehbaz admits forex reserves were $15b when they came to power

LAHORE: Prime Minister (PM) Shehbaz Sharif admitted that the foreign exchange reserves were $14 to $15 billion dollar when they came into power, ARY News reported. 

While addressing the Lahore Chamber of Commerce members in Lahore, PM Shehbaz said that the previous government damaged relations with friendly countries including Pak-US relations. However, the current government is working hard to stabilize Pak-US relations.

He said that the IMF deals were violated in the past but with combined efforts by the PDM government the program has been restored again.

PM Shehbaz said that $2 billion has been received from Saudi Arabia and $1 billion from UAE. China has also helped Pakistan in availing the IMF program. If Pakistan had not received $5 billion, the country would have gone into default.

He said that the government has to increase the electricity prices. All the concerned authorities have to work together to the stop power theft, he added.

It is pertinent to mention here that the foreign exchange reserves of Pakistan reached $9.83 billion. The total liquid foreign reserves held by the country stood at $9.83 billion, whereas net foreign reserves with commercial banks stood at $5.31 billion.

Pakistan’s foreign reserves had increased after a $2bn deposit made by Saudi Arabia and another $1bn received from the United Arab Emirates (UAE).