Pakistan has enough oil reserves for 2 months: Ministry of Finance

ISLAMABAD: The Ministry of Finance says that Pakistan has oil reserves for March and April, which ensure energy stability.

In addition, the Ministry of Finance has given positive signals regarding Pakistan’s economy.

According to the ministry, an increase in the country’s current account surplus, an increase in foreign investment and an increase in remittances from overseas Pakistanis were recorded in February.

A statement issued by the Ministry of Finance said that Pakistan’s current account surplus reached $427 million by February, which indicates the stability of the country’s economy.

According to the statement, foreign direct investment increased by 24 percent in February, while remittances from overseas Pakistanis increased by 5 percent in the same month. Both these factors are helpful in the country’s economic stability.

The Ministry of Finance said that Pakistan’s IT exports increased by 18 percent in February, which resulted in it reaching about $3 billion. This increase is also evidence of the development of the country’s digital economy.

The statement further said that the country’s foreign exchange reserves reached a four-year high, which is auspicious for the domestic currency and financial stability.

The growth of large industries was recorded at 12 percent in January and 11 percent in February.