Summary The minister said that the government was focussing on investment led economic growth.
ISLAMABAD (APP): Federal Minister for Finance Senator Mohammad Ishaq Dar said on Thursday that the World Bank would provide Pakistan US$ 1.7 billion for different energy and infrastructure projects including Dasu Hydro Power Project. He was addressing the launching ceremony of Government Debt Securities System in Islamabad Stock Exchange (ISE) and Lahore Stock Exchange (LSE) here. The Finance Minister said that the WB was satisfied with the government’s efforts of bringing reforms to improve the country’s economy and the amount from the Bank was expected to receive by May. He said the government would complete all three road shows regarding issuance of Euro bonds by mid April and after that Pakistan would launch Eurobonds worth of $500 million to improve foreign reserves in the country.
“The Eurobonds are going to launch for the first time in seven years with an indicative price of 6.5 percent”, he added.
He said currently the country has about $10 billion foreign reserves andthe government wants to raise the reserves to $20 billion in three years.
About spectrum auction in the country, the finance minister said that the process for the auction has been triggered and it would complete by April 21.
The minister said that the government was focussing on investment led economic growth which would be prove as sustainable for the country.
“Sustainable economic growth can only be achieved when there is investment-led growth in the country he said adding there is much to be done and we have to spend over Rs 3000 billion during next 3-4 years for completion of different mega projects in the country.
He said the country’s equity market was performing well and due to thegovernment’s efforts in improving economy, the Karachi Stock Exchange was increased by 30 percent from 19000 points to 26000 points.
Dr. Salman Shah, Chairman LSE and former Advisor to Prime Minister on Finance praised the government’s efforts in strengthening the economy.
He said that with the launch of new system Treasury Bills would be offered to the public and the public would have the opportunity to invest in risk free market.
He stressed the need to attract foreigners in Pakistan stock market so that the country’s foreign reserves may improve.
Chairman ISE, Rashid Zahid said on the occasion that it is the broadobjective of the government to improve the liquidity in the debt and capital markets and diversify the investors base of government and corporate debt markets.
Chairman Securities and Exchange Commission of Pakistan Tahir Mehmood and Advisor to the Finance Minister Rana Asad Ameen were also present on the occasion.
