Forex reserves to reach $14 billion by 30th: Dar

ISLAMABAD: Finance Minister Ishaq Dar on Thursday announced that the country’s foreign exchange reserves would reach $14 billion by June 30, as $310 million would be received next week as a result of transactions of 19.8 percent shares of the United Bank Limited (UBL). Giving the policy statement in National Assembly about the latest transactions, he said country’s foreign exchange reserves stand at 13.52 billion dollars out of which 8.60 billion dollars are with the State Bank of Pakistan and would be 14 billion dollars by 30th of this month. The finance minister said 68 entities have been identified during the previous government out of which 31 were to be privatised in the first phase. He said now the Council of Common Interests has unanimously re-identified this list of 31 public institutions for privatisation. He said the only addition in this list is Lakhra Power Unit. About UBL transactions he told the house that it was done after seven years gap. As per the privatisation policy, ninety percent of proceeds of this transaction would be utilized for debt servicing and rest for poverty alleviation in the country.

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