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ISLAMABAD: Prime Minister Nawaz Sharif on Monday congratulated Finance Minister Ishaq Dar and his team for the foreign exchange reserves crossing $15 billion, said a report on Radio Pakistan.
Dar met the premier in Islamabad today and briefed him regarding the economic measures that were taken in order to achieve this target.
Out of the total amount, ten billion dollars are with the State Bank of Pakistan, while the rest is with commercial banks, he said.
Also read: Foreign exchange reserves to cross $15bn in July, NA told
Earlier this month, Dar had said that Pakistan's foreign exchange reserves will touch $15 billion by the end of this month.
Addressing the office bearers of all Pakistan newspapers society in Islamabad, the federal minister had called upon all political parties to join hands to put the country back on track.
Take a look: Foreign exchange reserves will touch $15bn by month-end: Dar
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On DawnNews
Comments (35) Closed
Dec 22, 2014 02:06pm
Please stop this obsession with dollars and forex reserves, which are mostly owned by rich people anyway.
Rather than building Metros, build energy infrastructure and focus on providing security. For what good dollars can do when people do not have basic security?
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Dec 22, 2014 02:29pm
This was not achieved because of your brilliance but it was due to the falling of Oil prices . Which in response u delayed the affect of low Oil pricing in Pakistan to improve the economic growth
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Dec 22, 2014 02:33pm
Mr.Dar will u please tell us about the the increase in the IMF and other bilateral borrowings and debt services of the country during the the realm of your minstership!
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Dec 22, 2014 03:01pm
And what about Pakistan's foreign debt?? I believe $150,000 billion.
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Dec 22, 2014 03:02pm
What about the loans clutching #Pakistan with every passing day ?
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Dec 22, 2014 03:36pm
Bangladesh's foreign exchange reserves crossed 22 billion recently!!
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Dec 22, 2014 03:38pm
Indian Forex reserves $314 Billion as of December 5 2014, China's Forex 3000 Billion, long way to go !!!!
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Dec 22, 2014 03:44pm
Mr Pm congratulated Dar and his team for foreign exchange reserves crossing 15b$ , well Mr PM in fact you should be thanked, it is because of foreign reminiscences ,more and more people are going abroad because of your policies to earn bread and butter , well no worries keep up the good task as more skill full people will leave and in return they will sent more money and foreign exchange will increase. and you keep on thanking finance team and feel proud by filling you chest with some air and tell other in competent politicians who show up every day on TV talk show that if they ask you tell them look we have increase foreign reserves.
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Dec 22, 2014 03:55pm
How about the borrowings on the liabilities side of your balance sheet, Mr. Genius ...!!
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Dec 22, 2014 03:57pm
Under Musharraf's government Pakistan had 16 billion USD in foreign reserves and India has 73 billion. Today Pakistan is down to 15 while India is at 310 billion. Even Bangadesh is ahead of us which was behind just 10 years ago. How much of this money is actually loan? What happened to all loan taken under Zardari's government and the one Sharif's government is taking now? Long live corruption. I guess you really can fool all the people all the time!
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Dec 22, 2014 04:07pm
Now Pakistan will be eligible to get MORE loans from World bank. . . congrats to Dar only. Rest of the Pakistan, be ready for more loan, more inflation.
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Dec 22, 2014 04:18pm
Pakistan reserves should be touching $ 50 bn and not from borrowed funds.
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Dec 22, 2014 04:18pm
Should the finance minister not be an economist, rather than a chartered accountant.
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Dec 22, 2014 04:48pm
Wow! Is this hard earned self generated income or begging bowl money?
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Dec 22, 2014 05:05pm
@zak 100% agree...
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Dec 22, 2014 05:12pm
IMF gave $3.5 billion this week. So effectively its less than $12 billion. Also the low oil prices have contributed between $1 - 2 billion.
Effectively we are near $10 billion which is what we always had for the last 20 years. So nothing brilliant about your economic policy.
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Dec 22, 2014 05:38pm
@samprak Do you have any idea whatsoever what the population and size of India is ?
We started with almost zero factories in 1947.
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Dec 22, 2014 05:44pm
What a shame only 15 billions. Bill Gates has 70 billion reserves as one man and the whole Pakistan has only 15 billions reserves. Shame on looter politicians and corrupt bureaucracy.
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Dec 22, 2014 05:45pm
@samprak - India also has to feed 1200 million compared to Pakistan's 220 million.
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Dec 22, 2014 05:52pm
Mr Dar...we need at least $100 billion foreign exchange reserves by the end of your government's first term...
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Dec 22, 2014 06:01pm
Bill Gates, a lone single man himself is rich by $32 billion, twice than that of Pakistan as a country.
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Dec 22, 2014 06:44pm
Thank you Sir. Thanks to Finance Minister Ishaq Dar and his team for the foreign exchange.
May Allah bless you and raise your status in Heaver for serving my country.
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Dec 22, 2014 06:56pm
and India's Forex touched 317 billion.
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Dec 22, 2014 07:49pm
Ishaq Dar is the best finance minister we've ever had. No wonder the chinese and EU are so keen to seek his ideas. He has single handedly saved the Pakistani economy. The KSE is now one of the best indexes in the world.
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Dec 22, 2014 08:03pm
2 billion USD saved due to oil price falling to its half and rest is all borrowed money. I have never known a happy person who has brrowed money in his pocket. A lot of this money is remittances from Pakistanies abroad who keep this country going even when they are treated badly when they visit back home. SO Mr. Dar, non of your achievements here. Yes you could help to increase our exports but the data shows they have fallen by 7 %.
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Dec 22, 2014 08:04pm
Why do people think that India's foreign reserves are relevant here? They aren't. Its a completely different country with different problems. I agree with the rest of the commentators. A more detailed analysis is necessary.
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Dec 22, 2014 08:29pm
Wow! only a week ago the economy was suffering from heavy loses because of Imran Khan's Dharna, and suddenly after the tragedy of Peshawar such great news from the hypocrites.
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Dec 22, 2014 08:31pm
For how many days/months can this forex reserve provide security? Its good to hear reserves improving, but its due to falling oil prices. Nothing done by the PM or his team.
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Dec 22, 2014 08:44pm
What about hidden reserves in Swiss Banks? Crossing $200b?
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Dec 22, 2014 09:36pm
Next year it will decline to 2 billion dollar.
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Dec 22, 2014 10:14pm
Well done our prime minister and our finance minister. Keep your work continue.
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Dec 23, 2014 04:01am
Yeah,... due to the recent $ 1 Billion loan they have got from IMF. Shame on Nawaz Sharif.
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Dec 23, 2014 06:06am
then why did you just took Loan, News last week !
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Dec 23, 2014 07:39am
@Anarchist And even more important: These reserves are actually BORROWED money, not like someone pulled a magic trick, did well economically, and EARNED funds for the nation. Any funds 'earned' get siphoned off by the crooks in power.
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Dec 23, 2014 06:46pm
Can he also tell the nation how much money he has borrowed on behalf of poor people since coming to power?
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