Pakistan's forex reserves have increased by 12.5pc, says Asad Umar

RAWALPINDI: Finance Minister Asad Umar said on Thursday that the country's foreign exchange reserves have increased by 12.5 percent, vowing to eliminate hurdles in way of remittances to Pakistan.

Addressing a ceremony here, the finance minister said the country's foreign remittances had grown by $1 billion.

He said bringing tax reforms was top priority of his government and they were taking steps to expand the tax net, maintaining that it would help increase the revenue.

Umar said they did not fear criticism, however, stressed the need for avoiding fake news.

"Fake news create uncertain situation, which causes harm to economy," he said, lamenting publishing of such reports without verification.

The minister further said there was no shortage of electricity in the country at present and the government had ensured power supply to industrial sector.