Pakistan's foreign exchange reserves have reached 9 billion dollars.

 

Islamabad: Pakistan's foreign exchange reserves have topped $9 billion, Finance Minister Muhammad Aurangzeb told Moody's representatives.

Details suggest that Moody's credit rating agency personnel met virtually with Finance Minister Muhammad Aurangzeb. In the meeting, the Finance Minister briefed Moody's officials about Pakistan's economic performance. He informed them that Pakistan's foreign exchange reserves have reached 9 billion dollars, inflation stands at 12.6 percent, and remittances have increased by 7.7 percent.

According to the Federal Minister, tax receipts increased by 30% in the most recent fiscal year, and more tax revenue will be added. Fifty thousand retailers have signed up with the tax system for the first time. 

He added that for the following two years, the government will raise the tax-to-GDP ratio by 3%.

The newly concluded IMF deal was also communicated to the officials of Moody's.