Title: Foreign exchange reserves up by $600m, says PM
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Prime Minister Shehbaz Sharif on Tuesday said the country's foreign exchange reserves have increased by $600 million and thanked China for rolling over the loan.
Speaking at the launch ceremony of the Prime Minister’s Youth Sports Initiative in Islamabad, he said that the Exim Bank of China has approved the rollover to the country.
Pakistan’s foreign exchange reserves are increasing but the federal government wants to do it by generating income, not through loans, said Shehbaz. This is possible as our country’s youth has the potential to excel and take Pakistan forward in the fields of sports, information technology, industries and agriculture, he added.
Paying glowing tributes to athletes for bringing fame to the country due to their outstanding performances, Shehbaz apprised that Rs5 billion have been allocated in the federal budget for the promotion of sports.
The Pakistan Muslim League-Nawaz (PML-N) president said that if provided with the opportunity to do so after the next general elections, his party would allocate more resources for education, skills development and promotion of sports.
The Prime Minister's Youth Sports Initiative includes the establishment of a Sports Endowment Fund, the country's first sports university in Islamabad, an Elite Sportsperson Development Programme and measures for the promotion of traditional as well as E-sports.
Speaking on the occasion, Federal Interprovincial Coordination Minister Ehsanur Rehman Mazari said that a number of initiatives have been taken over the past 15 months to strengthen sports infrastructure in the country.
A sports policy has been prepared to promote various sports, according to the minister, who said that structural reforms have been introduced in relevant departments to better facilitate youngsters competing at international events.
Meanwhile, Special Assistant to the Prime Minister (SAPM) on Youth Affairs Shaza Fatima Haider attributed the revival of departmental sports to Shehbaz, saying that he did so after assuming office with the aim to nourish the capacity and capabilities of athletes.
Talent hunts were held across the country for hockey, football and volleyball under the Prime Minister’s Youth Programme, said Haider, expressing confidence that this would bring Pakistan fame at the international level.
The Sports Endowment Fund will provide financial assistance to established as well as new players, she said, adding that Rs1b out of the Rs5b allocation is to be spent on the establishment of a sports university, which will also train sports managers and other technical staff.
Published Date: 18-Jul-2023
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