Pakistan focusing on building Foreign Reserves, minister

The Minister for Finance Senator Mohammad Ishaq Dar met a delegation of Bank Credit Suisse at his office this afternoon.

While talking to the delegation the Finance Minister said that the Government is now focusing its attention on building Foreign Exchange Reserves. In this connection the government is working on various plans including floating of sovereign bonds, increasing remittances and disinvestment of Public Sector Entities.

The Finance Minister thanked Credit Suisse for participating in a consortium for providing Balance of Payment loan of $225m.

The Finance Minister said that macro-economic indicators have started showing improvement as a result of measures taken by the present government. This he said along with a conducive environment was reflected by a booming Stock Exchange and a positive outlook by Overseas International Chamber of Commerce which presents investors a unique opportunity to invest in Pakistan.

The Finance Minister expressed the confidence that Foreign Exchange Reserves position of the country would soon start improving.

The delegation apprised the Finance Minister of rising interest of International Capital Markets in Pakistan. Their is a very strong appetite for holding Pakistan’s  Securities as is reflected in  continuously declining yields on Pakistan’s existing bonds listed abroad.The investor is looking forward to the planned issue of  Pakistan Euro –Bonds and the initiatives for accessing international markets, they said.

The meeting was attended by Mr. Arif Habib, Chairman Arif Habib Securities, Mr. Ali Naqvi Managing Director Equities – Asia, Hong Kong, Mr. Rehan Anwar Managing Director Investment Banking, Singapore, Mr. Abbas MD Credit Suisse, and Senior officials of the Ministry of Finance.