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Pak facing difficult economic conditions, Foreign Exchange Reserves decline by $10b: Hafeez Sheikh

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Adviser to Prime Minister on Finance Abdul Hafeez Sheikh on Thursday said that Pakistan Tehreek-e-Insaf (PTI) has taken difficult decisions to improve country’s economy.

Addressing a press conference in Karachi along with Sindh Governor Imran Ismail, he said that Pakistan is facing difficult economic conditions as the country’s foreign deposits have decreased to US$10 billion.

The adviser said that the PTI government has taken difficult decisions to improve economy, adding that following an agreements with the International Monetary Fund (IMF), World Bank and Asia Development Bank (ADB) would give loans on lower interest rates.

Sheikh went on to say that Pakistan and IMF have reached an agreement of $6 billion for a period of three years, while World Bank and ADB expected to give US$2 or US$3 billion worth loans.

He said: “Country’s total debt was Rs31,000 billion when the PTI government came into power, adding that the foreign exchange reserves had depleted, while deficit had increased.”

Pakistan’s economic condition was not good when PTI government came into power, adding that power tariff increase won’t affect those consuming 300 units.

“We have taken traders in confidence,” he said and added relief in budget for common man is government’s priority.