23rd March 2017

Business News

Foreign reserves likely to reach at highest level of $20b by Oct

Latest Update: September 24, 2015 | 203 Views

ISLAMABAD: The government expects GDP growth of 5.5 percent in the current fiscal year hoping that it will help further strengthen the economy.

Federal Finance Secretary Waqar Masood said in an interview that economic indicators are positive and it is expected that foreign exchange reserves will reach at their highest ever level of twenty billion dollars by the end of next month.

He said significant decrease in oil prices has helped create space for the economy and enabled State Bank to reduce interest rates to its lowest level that will also lead to generate more economic activities.

Waqar Masood said although law and order situation has been improved significantly but the country’s economy suffered a loss of foreign investment worth five billion dollar each year due to the terrorists activities during the last many years.

The Finance secretary said the government is planning to launch another Sukuk bond to raise five hundred million dollars soon.