ISLAMABAD: Minister for Climate Change Zahid Hamid Wednesday informed the Senate that the government received $ 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 had also received $ 500.20 million from International Monetary Fund (IMF) under extended fund facility during the period.
To another question, Zahid Hamid said that the country reserves were stood at $ 20,734.8 million on January 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 have registered increase of 34 per cent over the last year’s level.
Improved macroeconomic conditions as evident from upgraded outlook of Pakistan’s economy by international agencies namely Standard & Poor’s, Moody’s and Fitch, would further improve investor’s confidence leading to greater inflows, he said.
The minister said 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.
