Islamabad July 18 2023: Prime Minister Shehbaz Sharif informed on Tuesday that the Exim (Export-Import) Bank of the all weather friendly country China had rolled over another USD 600 million loan to Pakistan helping further increase the country’s foreign exchange reserves.
“Our forex reserves are going up but I wish that these reserves should increase on the back of our own resources rather than the foreign debts,” he said while addressing at a sports initiatives’ launching ceremony here.
The prime minister launched multiple initiatives for promotion of sports culture and welfare of the sportspersons including the Rs 5 billion Pakistan Sports Endowment Fund.
He launched Pakistan Sports Endowment Fund with initial seed money of Rs 5 billion to provide financial assistance and other facilities to the emerging players and retired sportspersons of the country.
The prime minister also performed soft launch of the first dedicated Sports University in the country to produce critical pool required for sports events such as planners, managers, technical staff, nutritionists, physiotherapists and others.
Similarly, PM Shehbaz launched the Prime Minister Youth Sports Initiative to develop sports across the country and to provide world class sports facilities to the youth.
He also launched the Elite Sportspersons Development Programme and E-Sports development programme.
