Pakistan's Economy - News and Updates

[faisaljaffery]

KSE gains 141 points on deregulation of fuel prices

Staff Report

KARACHI: The Karachi stock market witnessed a bullish trading session on Wednesday as the deregulation of fuel prices propelled investors to take positions in scrips across-the-board.

Change in the oil price mechanism boosted investors' hopes that the oil and refinery sectors would reap the benefit from this move.

The Karachi Stock Exchange (KSE) 100-share index gained 140.91 points or 1.16 percent to close at 12,264.06 points as compared to 12,123.15 points of the previous session. The KSE 30-share index also increased 127.34 points to close at 11,890.10 points as compared with 11,762.76 points.

"Change in local oil price mechanism sparked a rally amid hopes that oil and refinery sectors will reap the benefit," said Topline Sec analyst Samar Iqbal. "OGDC gained by 2.4 percent, POL rose by 2.01 percent and PPL by 1.8 percent."

OGDC alone contributed 61 points to the total gain of 1.0 percent of the 100-share index, which closed above 12,260 points level after 15-week, he said and added that International Steel Ltd caught the attention on its debut and gained more than 5.0 percent and witnessed a volume of 9.5 million shares.

The market turnover went down by 3.89 percent to 118.30 million shares after opening at 123.10 million shares. The market capitalisation surged 0.13 percent to Rs 3.256 trillion as against Rs 3.217 trillion. Gainers outnumbered losers 173 to 94, while 83 stocks were unchanged.

"Bullish activity was witnessed in an oversold market in scrips across-the-board on strong institutional and foreign interest ahead of the federal budget announcement this week," said Arif Habib Investment Ltd Director Ahsan Mehanti. "Pre-budget rally was led by oil sector scrips after US Brent crude crossed $116 and expectations loomed over the positive federal budget announcements for oil, refineries, cement and fertilizer sectors."

UK's commitment for 1.4 billion pounds for Pakistan's development was taken positively despite concerns over rising fiscal deficit, he added.

The KMI 30-share closed at 20,977.33 points from its opening at 20,628.89 points, reflecting a gain of 348.44 points. The KSE all-share index went up by 94.27 points to close at 8,534.02 points as against 8,439.75 points.

"Deregulation of fuel prices was taken positively by the market participants, allowing the entire E&P sector to display strength," said Aziz Fida Husein and Co analyst Husnein Asghar Ali. "Reduction in local fuel prices, including deliverable future and Margin Trading System seemingly geared up the resident participants for renewed activity in the frontline stocks."

 

[Xeric]

Pakistan Times! » Telecom sector adds over RS13 BN to national exchequer despite tight economic situation


Telecom sector adds over RS13 BN to national exchequer despite tight economic situation
Submitted by Saleem Shaikh on June 2, 2011 – 1:32 pm

Karachi: Pakistan Telecommunication Authority (PTA) has deposited Rs13.56 billion to the national exchequer during the current fiscal year (2010-11), according to the Quarterly Report 2011 issued here by PTA. The reports said that the telecom sector also contributed a hefty amount of Rs109.05 billion in the form of different taxes.

During the year under review, the contribution of telecom sector, the report highlights, to national exchequer through taxes, duties and regulatory charges kept growing. At the end of FY2010 the total contribution was over Rs109 billion, of which almost 50 per cent came from GST.

In the first half of the FY2011 the total contribution to national exchequer was Rs56.3 billion which was almost Rs49 billion in the first half of FY2010 showing, growth of 15 per cent since 2009-10. It is, therefore, expected that by end of the FY2011 the total contribution to national exchequer would be higher than the last year’s contribution, the reports said.

According to an estimate, the telecom sector accounts for more than 90 per cent share in total taxes by the services sector of Pakistan, which is now being diverted to provinces under 18th Amendment. Similarly, share of GST in total contribution from telecom sector is also very impressive where almost 50 per cent of total contribution comes from GST collection.
Only in the 1st half of FY 2010-11, total GST collection is around Rs23 billion which was Rs21 billion in the same period last year.

GST collection in telecom services mainly comes from mobile sector and its share in total GST collection is 86 per cent, followed by basic services as 11 per cent. The Activation Tax contribution to national exchequer stood at Rs3 billion at till end of 1st half of FY2010-11, which was Rs4 billion in the same period last year.

Main reason, the reports points out, for drop in the activation tax is due to market maturity. It is time for the government to abolish this tax levied on operators, so as to further strengthen its growth. Whereas, in order to increase GST the government needs to reduce the existing 19.5 per cent rate. So that usage could be enhanced, which would result in increase in GST collection, the report proposes.

Report says that despite tight economic situation in the country this year, the telecom sector showed robust growth this year. The total tele-density growth kept oscillating between highs and lows till the end of year, the report concluded.

According to the PTA’s report, total tele-density including mobile, fixed and WLL services stood at 65.2 per cent. The tele-density growth in the first half of the year (Jan to June 10) was 0.9 per cent, whereas in the second half of the year (July-Dec10) the growth was 1.7 per cent, showing more stability and resilience as compared to 1st half of the year. Total tele-density of the country grew by more than 2.67 per cent in the last one year.

The PTA report further pointed out that the even though the telecom sector is experiencing decreasing ARPU’s, exorbitant advertisement budgets, power crises, and negative net profits, aggressive competition, market saturation and falling exchange rates, the financial health of the sector remained stable.

Telecom regulator continued to facilitate the sector on regulatory issues and maintaining competition in the sector. In this regard, PTA has taken many initiatives and launches National Rabta Information Portal, survey to check power level of mobile Towers, billing verification of Mobile Operators, Curbing the menace of illegal traffic, introduced online complaint Management System, and other Consumer friendly initiatives taken by PTA, the report said.

 

[Abu Zolfiqar]

Pakistan to reel in tax evaders: Shaikh | Business | DAWN.COM

ISLAMABAD: Pakistan will raise $623 million by forcing wealthy tax evaders to cough up, the country’s finance minister said Thursday, speaking on the eve of unveiling the budget for the next financial year.

Finance Minister Abdul Hafeez Shaikh did not go into details about how they would be made to pay. Analysts say meaningful tax reform should lift exemptions on powerful interests, such as the country’s enormous agriculture sector.

Pakistan has long defied Western pressure to end giant tax-dodging in a country where barely one per cent of the population pays at all, as a corrupt bureaucracy starves energy, health and education of desperately needed funds.

The IMF last year halted a $11.3 billion assistance package over a lack of progress on reforms, principally on tax.

In the wake of catastrophic 2010 floods that cost the economy $10 billion, Washington donated hundreds of millions of dollars and demanded that Pakistan’s rich, whose lifestyles outstrip many in the West, step up to the plate.

“The government plans to bring into the tax net, rich people who have so far been evading taxes and hopes to collect 53 billion rupees ($623 million) from new taxpayers,” Shaikh told a press conference.

“It will boost confidence and reduce dependence on foreign assistance,” he said, adding that “enhanced tax collection” will reduce the need for loans.

Pakistan’s tax revenue amounts to less than 10 per cent of GDP, one of the lowest rates in the world and worse than in much of Africa, say economists.

Shaikh said the economy had grown only 2.4 per cent in the fiscal year ending June 30 with the fiscal deficit at 5.3 per cent of GDP and inflation at 12 percent.

An annual government review said that a decade of the “war on terror” had cost the economy $68 billion.

“Western countries, including the United States, continue to impose a travel ban for their citizen (investor, importers etc.) to visit Pakistan,” said the document, reviewing the economy from July 2010 to April 2011.

“This has affected Pakistan’s exports, prevented the inflows of foreign investment, affected the pace of privatisation programme, slowed the overall economic activity, reduced import demand, reduced tax collection, expenditure over-run on additional security spending,” it said.

In the current fiscal year alone, it said, the war had cost the Pakistan economy $17.8 billion and warned that costs were likely to rise further.

 

[bc040400065]

Economic survey 2010-2011: Pakistan fails to meet growth targetBy AFP / Express
Published: June 2, 2011

Finance Minister Hafeez Sheikh said Pakistan was unable to meet its target of 4% GDP growth for the year 2011-2012.

Finance Minister Abdul Hafeez Sheikh on Thursday said that Pakistan’s economy was unable to reach its growth target for the current fiscal year, as 2.5% GDP growth was achieved in the year 2010-2011 while the target was 4%.
Talking to the media after launching the economic survey 2010-2011, Hafeez said that Pakistan’s economy has been in danger since 2008. “Our reserves were falling. Inflation was at a historic high at 25%,” adding that the government worked with IMF to decrease inflation and fiscal deficit. Hafeez said that the government took steps to reduce the budget deficit, and Rs350billion were given to all provinces.

Hafeez also said that the economy suffered a loss of $10billion dollars due to the floods in 2010, adding that the uncertain security situation also damaged the economy. He also added that inflation rate was expected to rise to 15% by end of fiscal year.
Express 24/7 correspondent Syed Ali reports that Hafeez also said while the major crops suffered due to the floods, there was overall growth in the agriculture sector.

Ali reports that figures released by the finance minister indicate that the manufacturing sector has seen a 3% increase, along with the services sector which has seen a 4.1% increase. He also added that Forex reserves have increased by 28%.
The minister said, however, that the investment for 2011-2012 is 13.4% of the GDP, which is less than 2% from last year and that the external debt had increased by $544million. He said that the fiscal deficit is currently 5.1% and is expected to reach 5.7% by end of the fiscal year.


Economic survey 2010-2011: Pakistan fails to meet growth target – The Express Tribune

 

[z9-ec]

Economic Survey 2010-11: Floods, terrorism, oil price surge restrict growth to 2.4%

Finance Minister Hafeez Sheikh said Pakistan was unable to meet its target of 4% GDP growth for the year 2011-2012.

ISLAMABAD:

The worst floods in the country’s history, the ongoing war against terrorism and a spurt in world oil prices pulled back the economy that grew by only 2.4% against a target of 4.5% in the outgoing financial year, said Finance Minister Hafeez Shaikh.

Unveiling the Economic Survey of Pakistan 2010-11, which reviews all sectors of the economy in detail, Shaikh said the floods created the domino effect that not only damaged the agriculture sector but also had a negative impact on the manufacturing and services sectors. Except at the external front, that is the current account, the government missed all economic targets including the most important one – the budget deficit.

“The estimated Gross Domestic Product (GDP) growth might inch up by another 0.1% to 0.2% as final statistics will only be available after June,” Shaikh said. In absolute terms, the size of Pakistan’s economy is estimated at $210.8 billion or Rs18.1 trillion.

“Despite difficult times the government maintained austerity, reduced central bank borrowing and expanded the tax net, which ensured the growth rate of 2.4%,” Shaikh said. The agriculture sector grew by only 1.2% due to growth in the livestock sector, manufacturing sector grew by three per cent and services sector by 4.1%, he said.

Shaikh said that the floods caused losses worth Rs855 billion, of which Rs429 billion was lost only by the agriculture sector. He said that 20 million people were affected and major crops registered a negative growth of four per cent. The floods also disrupted the business cycle, affecting both production and revenue generation. Cotton production declined by 11.3% and the country produced 11.4 million bales this year. Rice production dropped by 30% and remained at 4.83 million tons.

Shaikh said that rampant insecurity had also badly affected the economy. “Pockets in conflict zones remained underdeveloped, which negatively impacted economic growth,” he said.

He said the government was caught off-guard by a surge in world oil prices. It had estimated prices to rise to 75 dollars per barrel but actual increase was 125 dollars per barrel.

Due to this increase, production by power plants dipped as the government could not provide the required quantity of oil for electricity generation. On top of that, the government took a Rs50-billion hit in revenue by not fully passing on the increase to final consumers, he said.

“The power sector was given importance during the last two years for revival of industry and the government gave subsidies worth Rs500 billion to protect the end consumers against a steep rise in the prices of electricity and petroleum products,” Shaikh said.
He said that investment was one area that could have shown some progress but did not due to an unstable security situation, high interest rates, electricity outages and cuts in the Public Sector Development Programme.

In terms of the economy’s total size, investment dipped to 13.4% against last year’s 15.4%. But in absolute terms, total investment grew and stood at Rs2.5 trillion, which is Rs300 billion more than last year.

Shaikh said that the national budget deficit is expected to remain at 5.7% or Rs1.02 trillion. This gap between national income and spending is Rs181 billion more than the revised budget target. But the position of the federal budget deficit is worse which, Shaikh said, is estimated at 6.3% or Rs1.14 trillion.

He said that for budget financing, the government has so far borrowed Rs544 billion, which is Rs114 billion more than last year’s borrowings. He said that so far, the Federal Bureau of Revenue has collected Rs1.3 trillion in taxes and, to achieve the end-of-year target of Rs1.58 billion, it must collect Rs272 billion this month.

On the external front, he said, the government has a “good story to tell”. Exports were healthy and there was encouraging growth in remittances, which will boost business, he said. “The current account is expected to remain in surplus.”
“Despite a bad year, we have to be far-sighted, need to get access to western and European markets and expand the tax base for ensuring macroeconomic stability,” Shaikh said.

The full text of The Economic Survey 2010-2011 can be viewed here.


The only good thing or highlights about the survey is Pakistan's nominal GDP is now over $210 billion USD and we are not in recession yet.

 

[monitor]

New economic model for growth
By Alauddin Masood
June 03, 2011

Pakistan’s average GDP growth rate was around 7% in early 1960s but, over time, it decreased to an average of just over 4% in the first decade of the new century. In contrast to this unstable, fluctuating and declining trend, Pakistan’s regional competitors – Bangladesh, India and Sri Lanka – have shown signs of decreasing instability and increasing trend in their GDP growth rates over the last 50 years. Bangladesh’s average GDP growth rate increased from around 2% in the early 1970s to over 5% in the last 10 years; Sri Lanka’s average growth rate increased from 4% in the early 1960s to 5% in 2010, while India’s average growth rate hiked from 5 to 6% for the same period. These figures vividly highlight the state and direction of Pakistan’s economic growth since the 1960s.

A question may arise here ‘why do nations need economic growth?’ Nations need economic growth to offset and balance the effects of population increase and the change in age structures of population. With nearly 50% of population below the age of 20, Pakistani is heading toward a window where if right steps are taken it can head towards success, and if corrective measures are not taken the nation can head towards disaster. Availing this window of opportunity is called a demographic dividend and failure to exploit it is referred to as a demographic disaster.

As Pakistan’s population increases and age structures change, dependency ratios, i.e. number of people economically dependent on others, also changes. According to Planning Commission, by 2030, Pakistan’s dependency ratio will reach its lowest point, meaning the number of people in the working group will far exceed the number of people dependent upon others for survival. If by that time it is unable to provide suitable jobs for those people, unemployment will rise sharply, increasing poverty, crime and fuelling extremism. To avoid such a “disastrous” scenario, Pakistan needs a continuous growth in economy so that it can provide economic opportunities to youth tomorrow.

Cognisant of this fact, Pakistan’s planning wizards have mulled a new growth strategy that envisages a paradigm shift by focusing more on software of growth (incentives, institutions, markets, communities and governance) instead of relying on hardware of growth (physical investment in buildings and equipment), as the old model of growth remained unable to achieve higher growth on sustained basis. The new growth strategy aims to increase long-term growth figure in two phases: In the first phase, emphasis will be on raising growth from its current 2.3% to the trend rate of 5% by minimising under-utilized capacity of industry. In this phase, focus will be on strengthening the energy sector, budget reforms to mobilise additional revenues, more effective use of public expenditures, and stabilizing the economy.

In the second phase, efforts will be geared to increasing the growth rate from the trend level of 5% to sustaining a higher level of 7% growth for at least the next decade in order to provide employment opportunities for the youth of tomorrow. This phase will focus on sectoral interventions, i.e. strengthening the banking sector, deepening capital markets and making them more responsive towards investment needs, and raising productivity through improving sectoral efficiency.

It is envisioned to sustain this growth level by expanded regional trade, human resource development, governance reforms and initiatives taken towards making cities the engines of growth and increasing the overall connectivity in Pakistan. The first and second stages are not substitutes, but the first stage will complement the second as the second phase kicks in.

Pakistan will proceed on implementing the new growth strategy after the country’s Parliament adopts 2011-12 budget, which will be presented before it by Finance Minister Dr. Hafeez Shaikh on June 3. Earlier on May 28, National Economic Council (NEC) approved Rs. 730 billion Public Sector Development Programme (PSDP), with a federal and provincial share of Rs. 300 billion and Rs. 430 billion respectively. With Prime Minister Gilani in chair, the supreme economic body also approved macro-economic framework with a 4.2% GDP growth for 2011-12, envisaging growth of 2% in large-scale manufacturing, 3.4% in agriculture, 5% in services and 13.2% in savings against an inflation of 12%.

After NEC meeting, Planning Commission Deputy Chairman, Dr. Nadeemul Haq told media-men that in 2010-11, there were 1,822 projects with throw forward of Rs. 3.1 trillion that will be decreased to Rs. 2.6 trillion throw forward with 1,152 projects in 2011-2012.The allocation for infrastructure has been earmarked at Rs. 155 billion, for social sector Rs. 122 billion and for others Rs. 123 billion.

Finance Minister Dr. Shaikh said that to fund Rs. 730 billion development programme, Pakistan will have to opt for self-reliance, increase tax to GDP ratio and bring under tax net all sectors of its economy. Under the new growth framework, if Pakistanis wanted permanent progress and job opportunities for youth, then GDP growth needed to be between 6-7% and the government’s role restricted to policy and regulation-making while issues pertaining to business, administration of corporations must be left to the private sector.

In 2010-11, total development budget stood at Rs. 462 billion because it had to be revised downward – federal from Rs. 280 billion to Rs. 180 billion whereas its actual spending stood at Rs. 196 billion and the provincial from Rs. 420 billion to Rs. 266 billion, because of floods, hike in oil price in international markets and increase in security-related expenditure. If compared with the actual federal spending of Rs. 196 billion, the allocation of Rs. 300 billion as federal share for 2011-12 in the development budget is up by 50%, while at Rs. Rs. 430 billion the provincial share in the development budget is up by 58%. The provincial PSDP of Rs. 430 billion includes: Punjab Rs. 200 billion, Balochistan Rs. 30 billion, Sindh Rs. 122 billion and Khyber Pukhtunkhwa Rs. 80 billion.

For 2011-12, NEC focused on allocations to on-going projects nearing completion, to foreign aided projects and to less-developed areas (AJK, Gilgit-Baltistan, Fata and Balochistan) for ensuring balanced development across Pakistan. While Rs. 268 billion has been allocated for completion of ongoing projects, even after 18 Amendment the Centre has provided Rs. 14.5 billion for the vertical programme of health and Rs. 4 billion for population welfare. An allocation of Rs. 8.7 billion has been earmarked for President’s and Prime Minister’s initiatives, Rs. 33 billion for water, Rs. 55 billion for energy, Rs. 60 billion for transport, Rs. 32 billion for Benazir Income Support Programme and Rs. 33 billion for education and health projects, while WAPDA and PEPCO will make an additional investment of Rs. 83 billion.

Meanwhile, it has been reliably learnt that as per budget proposals, except for food, health and education, all commodities will be subjected to sales tax. Tinned and bottled food would be taxed at 5% and other items at a uniform rate of 17%. While retaining existing tax rates, no new tax is being proposed in the budget, which also seeks to increase pay and pensions of employees by 15%.

Till recently, Pakistani authorities have been involved in formulating plans based on a savings-driven and aid-led approach. However, through experience, Planning Commission has reached to the conclusion that the Rostovian model and Harrod-Domar framework, where growth is primarily a function of savings, did not serve Pakistan well. The Commission has identified four major factors that contributed to non-fruition of Pakistan’s development plans. These are: a) Lack of developed markets, which implied that savings were not channelled into most productive uses; b) poor quality of investments, obstructing materialisation of take-off into sustained growth; c) low resource mobilization, impelling continuous reliance on foreign resources; and d) absence of indigenous growth elements of innovation, entrepreneurship and learning.

An unintended consequence of Pakistan’s economic policies resulted in the stifling of internal markets, cities and communities, which play a critical role in fostering productivity, innovation and entrepreneurship and ultimately promote growth, prosperity and development. These factors bring to the fore an imperative need to search for a new model for economic development. To meet this demand, Planning Commission has prepared a draft new growth strategy “Pakistan: Framework for Economic Growth.”

This development framework envisages the markets to be growth-drivers that reward efficiency, innovation and entrepreneurship; while the government would act as a facilitator that protects public interests and rights, provides public goods, enforces laws, punishes exploitative practices, and operates with transparency and accountability. The stated aim of the new development approach is to focus on: a) Rules not Deals: ensuring productivity-led growth by incentivizing innovation and entrepreneurship, b) Reforming markets: improving governance so that markets and commerce can flourish, c) Reconfiguring cities: increasing diversity and resource mobility through inclusive zoning, d) Developing Community Infrastructure: empowering youth and community for improved quality of life.

 

[brational]

The easiest way for better results is to stick to the basics.. Economy is totally based on better exposure of Market, Skilled workforce, a strong knowledge pool, good governance and balance of payment.. A growing economy must identify the priority/thrust areas. As i hv a little knowledge about your country but I strongly beleive the following areas must be focused for better tomorrow..
1. Education
2. Law N Order
3. Infrastructure
4. Healthcare & Nutrition
5. Liberal Market..

If these things are taken into consideration, a country may reduce her external threats.. A Clear example is India & China.. China is our gratest threat, but due to robust bilateral trade, China can not be offencive against us.. So there is a economic impact during any misadventure.. There is nothing wrong in thinking in this way.. Rest, U can show me the door...

 

[fahimbaig]

Coal Gasification in Pakistan will eliminate Gas shortage

 

[Abu Zolfiqar]

the discovery of several trillion C.M of gas reserves is no new news, it was reported even 2-3 years back --- but its good they are ''reminding'' people again since Pakistanis have a bad habit of only focusing on the bad news all the time


its a good opportunity to bring income and jobs to Baluchistan Province. We should ensure that this will only be used for Pakistan. We dont need to export it. This would solve all the gas shortages.

 

[robinkipson]

Hello...I am new member to this forum.

 

[bc040400065]

FBR achieves revenue collection target of Rs.1588 billion
ISLAMABAD, June 30 (APP): The Federal Board of Revenue has achieved tax collection target of Rs. 1588 billion for the fiscal year 2010-11, taking the collections to 9.2 percent of the Gross Domestic Product (GDP).Terming the collection achievement as good news for the nation, FBR Chairman, Salman Saddique told media persons at press conference that the collection may reach to Rs. 1590 billion by 0000 hours and Rs.1600 billion when culminated figures are compiled by July 10.“Achieving the collection target is the big news for the nation,” the FBR Chairman remarked and thanked media for guiding the board towards achieving this target.
He also appreciated taxpayers for helping the board in achieving the target saying that taxpayers have fulfilled their national duty.Chairman FBR, Salman Siddique told media persons that out of the total revenue collection, Rs.1405.462 billion were collected as Inland Revenue whereas Rs. 184 billion as Customs duty.
He said that achieving the target of Rs.1588 billion was not an easy job as apprehension were being expressed both at national and international level about the tax target.
“But as a nation we have shown that Pakistanis are able to cope with any challenge,” he said.

Associated Press Of Pakistan ( Pakistan's Premier NEWS Agency ) - FBR achieves revenue collection target of Rs.1588 billion

 

[ehsanm1]

Pakistan economy? Do they even have an economy.

Stop trolling. Also, all your posts are racist to Pakistan and disgracing Islam...well anyways good luck dealing with mods

 

[bc040400065]

Pakistan's forex reserves hit all-time high of $18.25 b

By Reuters
Published: July 7, 2011

KARACHI: Pakistan’s foreign exchange reserves reached an all-time high of $18.25 billion in the week ending July 2, following inflows of more than $400 million that included loans from multilateral donors, a central bank official said on Thursday.

Reserves held by the State Bank of Pakistan (SBP) rose to $14.79 billion from $14.02 billion a week ago, and those held by commercial banks edged to $3.46 billion up from $3.45 billion, said SBP chief spokesman Syed Wasimuddin.

Pakistan’s forex reserves hit all-time high of $18.25 b – The Express Tribune

 

[bc040400065]

Pakistan's forex reserves hit all-time high of $18.25 b
By Reuters
Published: July 7, 2011


KARACHI: Pakistan’s foreign exchange reserves reached an all-time high of $18.25 billion in the week ending July 2, following inflows of more than $400 million that included loans from multilateral donors, a central bank official said on Thursday.

Reserves held by the State Bank of Pakistan (SBP) rose to $14.79 billion from $14.02 billion a week ago, and those held by commercial banks edged to $3.46 billion up from $3.45 billion, said SBP chief spokesman Syed Wasimuddin.

Pakistan’s forex reserves hit all-time high of $18.25 b – The Express Tribune

 

[American Pakistani]

Pakistan's forex reserves hit all-time high of $18.25 b
By Reuters
Published: July 7, 2011


KARACHI: Pakistan’s foreign exchange reserves reached an all-time high of $18.25 billion in the week ending July 2, following inflows of more than $400 million that included loans from multilateral donors, a central bank official said on Thursday.

Reserves held by the State Bank of Pakistan (SBP) rose to $14.79 billion from $14.02 billion a week ago, and those held by commercial banks edged to $3.46 billion up from $3.45 billion, said SBP chief spokesman Syed Wasimuddin.

Pakistan’s forex reserves hit all-time high of $18.25 b – The Express Tribune

That's a great news because few days back i saw 17.something, it's great if Pakistan reach 18+ in few days.