ISLAMABAD: Prime Minister Shehbaz Sharif informed that Exim (Export-Import) Bank China had rolled over another $ 600 million loan to Pakistan helping further increase country's foreign exchange reserves.

"Our forex reserves are going up but I wish that these reserves should increase on back of our own resources rather than foreign debts," he said while addressing at sports initiatives' launching ceremony here.

He launched multiple initiatives for promotion of sports culture and welfare of sportspersons including 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 emerging players and retired sportspersons of country.

He also performed soft launch of first dedicated Sports University in country to produce critical pool required for sports events such as planners, managers, technical staff, nutritionists, physiotherapists and others.

Similarly, PM Shehbaz launched Prime Minister Youth Sports Initiative to develop sports across country and to provide world class sports facilities to youth. He launched Elite Sportspersons Development Programme and E-Sports development programme.

Shehbaz Sharif said Pakistan's highly talented sportspersons deserve appreciation from nation as despite limited resources, they promote positive image of country across world.

He said out of Rs 5 billion allocated for Pakistan Sports Endowment Fund, direct investment of Rs 2.5 billion would be made to meet various expenses of players including tickets, logistics, hotel and other expenses. He, however said this amount needed to be increased as it was not sufficient to meet full requirements of sportspersons.

Minister for Inter-provincial coordination Ehsan ur Rehman Mazari said government took structural changes in country's sports to meet emerging needs of games.