Forex reserves reached highest level of $18.5bn

ISLAMABAD: Pakistan's foreign exchange reserves have reached highest ever level of $18.5 billion on July 1.

Finance Minister Senator Mohammad Ishaq Dar has extended felicitations to Prime Minister Nawaz Sharif and the whole Pakistani nation on this important achievement, according to a statement issued by the Ministry of Finance here today said.

Experts, however, say that foreign exchange reserves have been boosted by recent large loan disbursement by international donor agencies including the World Bank (WB), International Monetary Fund (IMF) and the Asian Development Bank (ADB).

In the past week, the WB released over $700 million loan, followed by IMF's eight loan installment of over $500 million and over $200 million by the ADB. -Samaa/APP