March 8, 2003	Saturday	Muharram 4, 1424

ISLAMABAD, March 7: The Adviser to the Prime Minister on Finance Shaukat Aziz on Friday said that by Thursday’s night, Pakistan’s foreign exchange reserves have reached to $10.1 billion which were sufficient for 12 months of import. He said that by June 30, 2002-03, these reserves would increase substantially.

Talking to Dawn he pointed out that these reserves continued to increase even during the high tension with India last year and the overall depressed global economic environment.

He said that an IMF mission headed by its senior Director Klaus Enders has arrived Pakistan to review the performance of October-December quarter of last year. “But the good thing is that our economy performed quite well during first seven months of 2002-03 and I am sure this will be appreciated by the IMF mission” as well, he said.

The adviser on finance did not believe that there was any unresolved issue left which could cause problems with the IMF.

Mr. Aziz said that Mr. Abbas Mirakhor, who is Executive Director and represents Pakistan at the IMF Board, was arriving Islamabad on Monday to discuss future Pakistan’s relations with the Fund authorities as well as those of the World Bank.