Caretaker Finance Minister Plans Rollover of Foreign Deposits

Web DeskSeptember 10, 20234603 min
Caretaker Finance Minister Plans Rollover of Foreign Deposits

Caretaker Finance Minister Shamshad Akhtar announced the intention to roll over deposits from other countries upon their maturity during a press conference held in Islamabad.

This announcement followed a meeting of the Special Investment Facilitation Council (SIFC), where Akhtar emphasized the need to revitalize Pakistan’s economy and address import restrictions, given the country’s import-intensive nature.

Regarding foreign exchange reserves, Akhtar stated that it remains a top priority, and the current situation is “reasonably okay.” She explained that discussions are underway to ensure timely inflows and the rollover of existing deposits upon maturity.

Akhtar mentioned that while the exact amount of inflows requires further discussion, they are aiming for cumulative inflows of close to $6 billion from various sources throughout the year.

Also Read: Decision about appointment of Finance Minister as Caretaker Prime Minister

Akhtar also discussed engagements with multilateral development banks such as the World Bank (WB) and the Asian Development Bank (ADB).

She expressed the hope to expedite the process and mentioned an upcoming review by the International Monetary Fund (IMF) in November, which could lead to the release of the second tranche of its program with Pakistan, along with tranches from the ADB and loans from the WB.

The finance minister stressed the government’s “whole-of-government” approach to the finance ministry’s divisions, emphasizing collaboration and a holistic operation as a team to effectively manage the economy.

She outlined the government’s efforts to jumpstart the economy, enhance the social safety net through structural adjustment reform programs, promote financial inclusion, and empower citizens, the agriculture sector, and small and medium enterprises.

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