Friday, 27 May 2022, 08:01:36 pm
Country’s foreign exchange reserves touching $20b: Senate informed
January 25, 2022

(FILE PHOTO)

The Senate was informed today (Tuesday) that the country’s foreign exchange reserves are touching twenty billion dollars as a result of effective policies of the government.

Minister of State for Parliamentary Affairs Ali Muhammad Khan told the house during question hour that our exports and growth rate are at record levels and the current account deficit is being reduced.   

Acknowledging the issue of inflation, he said efforts are afoot to control it in the next three to four months. He said we have enhanced tax on import of luxury items under the Finance Supplementary Bill, 2021. He said initiatives have been taken to encourage local assembly of mobile phones, production of LED TVs and new investments in ceramic and tiles industry for import substitution. 

Responding to a supplementary question, Ali Muhammad Khan said the government is investing in new varieties of cotton seeds in order to bolster its production. He pointed out there has been record production of wheat besides a record sale of tractors is also being witnessed.

Ali Muhammad Khan told the house that the volume of e-commerce has increased by one hundred and fifteen percent. Highlighting the scope of e-commerce in the country, he said this will also be linked up with the Special Economic Zones (SEZs).

Responding to a calling attention notice, Minister for Communications Murad Saeed said Prime Minister Imran Khan will perform the groundbreaking of Karachi-Quetta-Chaman highway N-25 next month. He said a contract has been awarded for the construction of the first section of 330 kilometers of this highway.  He said the dualization of this highway will become reality under the present government.

The Minister for Communications said the present government is currently executing road infrastructure projects of three thousand and eight hundred kilometers in Balochistan.

Murad Saeed said we have completed road projects of 2032 kilometers across the country over the last three years.

Responding to another calling attention notice, Minister of State for Parliamentary Affairs Ali Muhammad Khan said the economy is now on upward trajectory. He said there has been a significant increase in exports in the first six months of the current fiscal year with twenty five percent increase in exports of agricultural products. He said despite Covid-19, our economy has grown by 5.37 percent. He strongly criticized the economic policies of the previous government.

The house has now been adjourned to meet on Friday at 10:30 am.