ISLAMABAD, Pakistan: Pakistan’s foreign exchange reserves are expected to hit $20 billion by the end of next month, a government official said.
In an interview, the Federal Finance Secretary Waqar Masood said that economic indicators are positive and it is expected that foreign exchange reserves will reach at their highest ever level of $20 billion by the end of October 2015.
Masood said that the federal government expects the gross domestic product (GDP) growth of 5.5 percent in the current fiscal year hoping that it will help further strengthen the economy.
The finance secretary said that significant decrease in oil prices has helped create space for the economy and enabled the State Bank of Pakistan to reduce interest rates to its lowest level that will also lead to generate more economic activities.
Waqar Masood further said that although law and order situation has been improved significantly but the country’s economy suffered a loss of foreign investment worth $5 billion each year due to the terrorist activities during the last many years.
In addition, the finance secretary said that the federal government is planning to launch another Sukuk bond to raise $500 million soon.
