Foreign exchange reserves nearing $20 billion: Senate told

The Senate was informed on Tuesday that the country’s foreign exchange reserves are nearing $20 billion and exports and growth rate have reached record levels, leading to a reduction in the current account deficit.

Briefing the upper house, Minister of State for Parliamentary Affairs Ali Muhammad Khan however acknowledged the issue of inflation and claimed efforts were being made to control the situation in the next quarter through an enhanced tax on the import of luxury items under the Finance Supplementary Bill, 2021.

The ruling party’s minister said that initiatives have been taken to encourage the local assembly of mobile phones, LED TVs and new investments were being made in the ceramic and tiles industry for import substitution.

Responding to a supplementary question, Khan said the government is investing in new varieties of cotton seeds in order to bolster crop production. On the matter of agricultural productivity, he claimed that the country has witnessed “record production of wheat and a record sale of tractors”.

Khan further informed the Senate on the viability of e-commerce within the country, highlighting that the volume of e-commerce has increased by more than a 100%, and would be “linked up with the Special Economic Zones (SEZs)”.

Responding to a ‘calling attention’ notice, The minister claimed that the economy was now on an upward trajectory, citing significant increases in exports during the first six months of the current fiscal year with a 25% increase in exports of agricultural products.

“Despite Covid-19, our economy has grown by 5.37%”, he said, while strongly criticising the economic policies of the previous government.

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

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