Islamabad: The Senate was informed today that the cautious economic policies of the government have led to an increase in Pakistan’s foreign exchange reserves from $8 billion to roughly $14 billion. Ishaq Dar, the finance minister, made this statement in response to a number of points of order brought by members of the Upper House. The Finance Minister recalled his repeated assurances that Pakistan would not declare a default and would honour all of its international obligations. He claimed that friendly nations like Saudi Arabia, Qatar, and China generously contributed to the government’s success in achieving this goal. He claimed that China extended our loans after seeing Pakistan had complied with all requirements in this regard.
Ishaq Dar expressed the resolve to further increase the foreign exchange reserves of the country to 15 billion dollars in next six to seven weeks.
Replying to another point of public importance, the Finance Minister said flights of the Pakistan International Airlines to European countries will likely be resumed by October this year.
According to him, a former minister from the previous administration made an unwise statement that caused PIA to suffer an annual loss of almost 70 billion rupees. Referring to the Senate’s ratification of “The Pakistan Airports Authority Bill, 2023″ today, he claimed that this legislation will open the door for the national flag carrier’s flights to Europe to resume in accordance with agreements made with international authorities. According to him, a final inspection would be completed by the end of next month in preparation for the reinstatement of PIA’s flights. He claimed that this will also recover PIA’s billions of rupees in revenue. The government is working to set the nation on a course towards economic stability and advancement, the finance minister added.
He urged all the political forces to join hands to agree on a charter of economy to steer Pakistan out of financial crises.
Meanwhile, the Senate today passed four bills: These include “The Toshakhana (Management and Regulation) Bill, 2023”, “The Pakistan Airports Authority Bill, 2023” for better administration, operation and development of airports and air transport services in Pakistan, “Pakistan General Cosmetics Bill, 2023” aimed at regulating the quality, standard, storage, labeling, packaging, manufacturing, distribution, and sales of the cosmetics in the country as well as “The National Institute of Technology Bill, 2023.”
Besides, the chair referred another three bills, which were laid before the House, to the standing committees concerned. These bills were: “The Pakistan Civil Aviation Bill, 2023”, “The Pakistan Air Safety Investigation Bill, 2023”, and “The Pakistan Ruet-e-Hilal Bill, 2023.”
The House adopted a unanimous motion expressing deep gratitude to the president of Pakistan for his address to both the Houses assembled together on 6th October last year.
Minister of State for Law and Justice Shahadat Awan wrapped up the discussion on the President’s address to the Parliament.
The House will now meet on Wednesday at three in the afternoon.
