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ISLAMABAD: Pakistan's foreign exchange reserves have crossed 12 billion dollars mark, Federal Minister for Finance Shaukat Aziz informed Friday.

Addressing a press conference, Shaukat said this is for the first time that the reserves have gone up beyond this point. He said Pakistan is ready for early debt retirement of over one billion dollars of multilateral institutions and payment would start after their response in this regard.

Pakistan will pay back before time expensive loans worth US$ 596 million of Asian Development Bank (ADB) and US$ 404 million of the World Bank, he added. Foreign exchange reserves and other positive economic indicators show that Pakistan economy is healthy and its position was very strong.

Due to prudent economic policies during the last four years, Pakistan has achieved complete economic sovereignty. He said economic reforms carried out four years ago by Musharraf's government and continued by present government have resulted in economic stability and improved balance of payment position, the minister remarked.

Shaukat Aziz stated that it is a fact that country has achieved un-precedented success in the economic field and added yet we are not complacent and trying to further consolidate our position.