Summary Finance Minister says target of USD 15 billion forex couldn’t be met due to sit-ins
ISLAMABAD: (Dunya News) – Finance Minister Ishaq Dar on Thursday presented the report in National Assembly declaring sit-ins to be responsible for shaking investors’ confidence and thus thwarting government’s plan to increase Pakistan’s foreign exchange reserves to 1500 billion USD, Dunya News reported.
According to the details presented in the National Assembly, government had to spend additional Rs. 640 million for the security of the sit-ins. The report said that the confidence of national and international investors was shaken by the sit-ins. Foreign investment decreased by 8 percent.
Release of funds from donors and sukuk bonds was also delayed due to sit-ins, the report claimed. Finance Ministry’s report says that dollar’s price increased by five rupees which caused loss of Rs. 200 billion. Development and energy projects faced delays. OGDCL shares could have earned the government around Rs. 800 million but the sit-ins frustrated that process as well, according to the report.
