Rebuilding Economy: State Bank of Pakistan received $ 2 billion foreign reserves

Ishaq Dar

WEB DESK – The federal finance minister Ishaq Dar has claimed that State Bank of Pakistan (SBP) has received $ 2 billion as Pakistan Muslim Leahue-nawaz (PML-N) led government sold the international bonds to attract direct foreign investment in country.

Ishaq was addressing a press conference on Wednesday in Islamabad when he announced the much awaited news for Pakistan’s economy.

He said “When I led the team of economy experts to US, we were expecting to gather maximum of $ 500 million in next five years road plan by selling the international bonds. However, due to Pakistan’s strengthening economy the response was extraordinary high. Within few hours of our offer, we surpassed the expected outcome to 14 times and received bidding of as much as 6.2 billion.”

However, he maintained that we decided to sell the bonds of worth $ 2 billion and today SBP has received the amount in its treasury accounts.

He also said that during the first quarter of 2014, the GDP remained 4.1 per cent and industrial growth was 6 per cent. He also said that national export has increased by 16 per cent and now reached to $ 18 million. He also informed the media personnel that Karachi Stock Market has increased its volume by 40 per cent.

Similarly, according to Dar, the agriculture growth rate of Pakistan remained 2 per cent in the first quarter of 2014.

Ishaq Dar had very recently finished his tour to US where he met the representatives of global financial institutes including those of International Monetary Fund (IMF) and the World Bank.

About the author

Hissan Khan

Hissan Khan is currently working as the Editorial Head of Pakistan Tribe's Islamabad Office. Having work as current affairs host, news analyst and C4D expert, Hissan holds a good command over communication and development strategies.

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