Karachi January 11 2023: Pakistan Finance Minister refutes allegation of freezing commercial banks loans while talking to media in Islamabad at press conference targeted to explain funds raised in Geneva for Post Flood recoveries.
“My statement for $10 billion reserves for total country reserves is taken negatively and there is no intention of the government to freeze those funds” says finance minister Ishaq Dar.
He added, " National foreign exchange reserves always include forex held with SBP and Commercial Banks. Recently I quoted the forex reserves figure based on this principle. Some vested elements who ruined this country’s economy in the past, gave it a deliberate twist and started a campaign as if Govt was considering an access to foreign exchange held with Commercial Banks which indeed is the property of the citizens. It is categorically denied and clarified that there is no such move under consideration of the Govt. Therefore said misconstrued, misinterpreted and malafide, propaganda should be ignored. Pakistan is moving towards improvement in its forex reserves position in the near future."
International donors on Monday committed nearly $11 billion to help Pakistan recover from ruinous floods last year, exceeding its external financing goals and paving the way for a new model on raising funds to fight climate disasters in poorer countries.
Officials from some 40 countries as well as private donors and international financial institutions gathered at a meeting in Geneva as Islamabad sought funds to cover around half of a recovery bill amounting to $16.3 billion.