ISLAMABAD: Finance Minister Muhammad Aurangzeb has said the country’s foreign exchange reserves are expected to hover between nine to ten billion dollars by the end of this fiscal year.

Addressing the inaugural session of the 7th Leaders in Islamic Business Summit here in Islamabad on Tuesday, he said at present the foreign exchange reserves stand at eight billion dollars.

The Finance Minister said the last tranche from the International Monetary Fund (IMF) understand by arrangement will take the foreign exchange reserves to over nine billion dollars.

He said this is a much better position in comparison to the previous year when the foreign exchange reserves had dipped to three point four billion dollars.

The Finance Minister also expressed satisfaction over the bumper crops saying the agriculture is growing by five percent. He said stock market is at all time high and foreign buyers are also coming in the market.

He said the government has initiated discussion with the IMF for a larger and longer program in order to bring permanence in the macroeconomic stability and ensure execution of structural reforms agenda.

The Finance Minister said the government has set targets to keep current account deficit and fiscal deficit within reasonable limits. He said tax collection increased by thirty point two percent in the first nine months of current fiscal year.

He said the government is working to attract foreign direct investment in the country. Addressing the summit, Chairman Senate Syed Yousaf Raza Gillani emphasized the importance of checking the population growth through awareness amongst the people about family planning.

Syed Yousaf Raza Gillani said the world community should also support Pakistan to deal with the challenge posed by climate change.