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Dar sees forex reserves at $14b till June 30

Dar sees forex reserves at $14b till June 30

ISLAMABAD: Finance Minister Senator Ishaq Dar has expressed his hope that Pakistan’s foreign exchange reserves will reach $14 billion by June 30, 2014.

In a policy statement, Ishaq Dar informed the National Assembly that the country would receive $310 million of 19.8 percent shares of United Bank Limited (UBL) next week that would take country’s foreign exchange reserves to $14 billion.

In the presence of the Prime Minister in the House, the Finance Minister elaborated that currently the foreign exchange reserves stand at $13.52 billion out of which $8.6 billion were with the State Bank of Pakistan.

About privatization of sick public entities, he said that 68 entities were identified by the previous government of the PPP. “We are not doing any step on our own wish in this regard,” he said, adding that 31 PSEs were to be privatized in the first phase. He further clarified that the Council of Common Interests had re-identified this list of 31 public institutions for privatization, as only addition is Lakhra Power Unit.