Forex re­serves ....

Pakistan Observer - - IN­TER­NA­TIONAL -

is the high­est in the coun­try’s his­tory, ac­cord­ing to the fi­nance min­istry.

“This rep­re­sents a 60 per­cent in­crease in the last three years, rep­re­sent­ing an av­er­age in­crease of 20 per­cent per an­num,” the fi­nance min­istry said in a state­ment to mark the be­gin­ning of the new fis­cal year.

“To­tal tax col­lec­tion goes to the prov­inces to spend on ed­u­ca­tion, health and other sec­tors,” it said.

The min­istry said for­eign ex­change re­serves had crossed $23 bil­lion, the high­est in the coun­try’s his­tory. The sum in­cludes re­serves held by the cen­tral bank and com­mer­cial banks.

The IMF helped Pak­istan stave off a de­fault in 2013 with a $6.7 bil­lion fi­nan­cial as­sis­tance pro­gramme.

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