Balance of payments position improved: Ishaq Dar

Balance of payments position improved: Ishaq Dar

Latest News Pakistan

ISLAMABAD: Finance Minister Mohammad lshaq Dar on Tuesday informed the Senate that the balance of
payments position has improved over the years (Latest news Pakistan).

In a written reply during question hour, he said the current account deficit in Financial Year 2015-16
stood at $2,480 million (0.9 percent of the GDP) as compared to FY 2012-13 when it was US$2,496 million (1.1 percent of the GDP).

Foreign exchange reserves as on 30th June, 2016 were $23.1 billion whereas on 30th June, 2013 they
were $11 billion, he said and added that workers’ remittances amounted to $19.92 billion in FY 2015-16,
showing an increase of 43 percent over FY 2012-13 figure of $13.92 billion.

To another question, he said, since 2013, the government has taken a number of steps to improve the balance
of payments position and build the country’s foreign  exchange reserves.

Major steps include successful completion of the IMF program and increased inflows from bilateral and
multilateral sources in the form of grants and loans.

The government has also successfully issued sovereign bonds and sukuk in the international capital markets.

He said additional steps include privatization, auction of 3G/ 4G licenses and receipts of the Coalition Support Fund.

To facilitate and enhance workers’ remittances, he said, several measures had been introduced under the Pakistan Remittance Initiative (PRI). Comprehensive awareness programs.

He added that briefings to Pakistanis going abroad, establishment of call centers to resolve issues of overseas
Pakistanis on priority basis, allowing opening of foreign currency accounts by non-residents and initiating
financial literacy programs have led to a steady increase in remittances.

During FY 2015-16, workers remittances stood at $19.92 billion.

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