Pakistan receives US $ 1,420 million loans from other countries in last 3 months

PakistanPakistan receives US $ 1,420 million loans from other countries in last...

ISLAMABAD, Pakistan: Minister for Climate Change Zahid Hamid on Wednesday informed the Senate that the federal government received US $ 1,420.38 million loans from foreign countries and financial institutions during the last three months (October 1-December 31, 2015).

Responding to a question on behalf of Minister for Finance during Question hour, he said that Pakistan has also received 500.20 million from International Monetary Fund (IMF) under extended fund facility during the said period.

To another question, Zahid Hamid said that the country reserves were stood at US $ 20,734.8 mln on Jan 12.Reserves position is expected to further strengthen due to various steps taken by the incumbent government, he added.

He said that during the current financial year, the inflows from bilateral/multilateral have registered increase of 34 percent over the last year’s level. Improved macroeconomic conditions as evident from upgraded outlook of Pakistan’s economy by international agencies namely Standard and Poor’s, Moody’s and Fitch, would further improve investor’s confidence leading to greater inflows, he said.

The Minister said that the governments of Pakistan and China have agreed to implement US $ 46 billion China Pakistan Economic Corridor (CPEC) which would not only increase foreign direct investment (FDI) inflows from China but also boost general investor confidence leading to increase in investment from other sources.

To a question, the senate was informed that in the recent past no benefit under the name of Secretariat Allowance @ 20 percent has been sanctioned to Secretariat employees.

Source: APP

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