ISLAMABAD: Prime Minister Shehbaz Sharif on Tuesday said China once again gave Pakistan 600 million dollars loan on July 17, Bol News reported.

“Our foreign exchange reserves are increasing, Prime Minister Shehbaz said addressing the inaugural ceremony of PM Youth Sports Initiative. He said Rs5 billion funds were announced by Minister for Inter-Provincial Coordination Ehsan ur Rahman Mazari and the expenses of the players will be covered by this fund.

He said winning gold and silver medals was not an ordinary feat. He said the government was working hard for the promotion of sports.

The players made the country famous in the world despite the limited resources, he said adding that they deserved tribute from the entire nation.

“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.

Special Assistant to Prime Minister on Youth Affairs Shaza Fatima Khawaja said on special directives of the prime minister, several sports’ departments that were closed by the previous government had been restored due to which some 40,000 sportspersons who lost their jobs, had also been restored.

She said out of Rs 5 billion fixed for the Pakistan Sports Endowment Fund, Rs 1 billion would be spent for the establishment of the first dedicated Sports University in the country.

She said during previous one year, talent hunt programme was launched for hockey, volley ball and football in all provinces including AJ&K, and Gilgit Baltistan to provide platform to the youth to show their talent.

Minister for Information Marriyum Aurangzeb, renowned sportspersons and high government officials were also present on the occasion.