The resolve came during meeting of Finance Minister Muhammad Aurangzeb with US Assistant Secretary Donald Lu and Principal Deputy Assistant Secretary of US State Department Elizabeth Horst at World Bank headquarters in Washington.

Speaking at roundtable meeting with Bloomberg team in Washington, he said there is no reason for rupee devaluation as Pakistan has solid foreign-exchange reserves, stable currency, rising remittances and steady exports.

The assurance came during a meeting between Finance Minister Muhammad Aurangzeb and President of World Bank Group Ajay Banga in Washington.

He said we should first meet local demand of sugar before considering export option to earn foreign exchange.

Muhammad Aurangzeb was talking to CEO of Development Finance Corporation Scott Nathan in Washington DC.

The report said that Pakistan's economic growth rate is expected to rise to 3.5 percent next year, showing a positive trajectory from the projected 2 percent growth rate for the current year.

Minister for National Food Security and Research issued these directives while presiding over a review meeting of the Fertilizer Review Committee in Islamabad.