ISLAMABAD – The federal Finance Minister Ishaq Dar has maintained that Pakistan will issue Eurobonds worth $ 500 million in the international market as the federal government wants to develop relations with the outer world on the basis of trade, investment and sovereignty.
Ishaq Dar said on Saturday that the government intends to issue Eurobonds worth of 500 million dollars in the international market as Pakistan seeks trade not aid to strengthen its economy.
Ishaq Dar said we have launched a three years micro economic programme to strengthen the economy. He also said government plans to reduce fiscal deficit from eight to six point three percent this year.
The Minister said numerous reforms have been introduced to stimulate economic activities in the country.
He said the current expenditures have been drastically cut and allocations for the social sectors increased to ensure maximum facilities for the welfare of the people.
However, despite higher than skies claims of Ishaq Dar, State Bank of Pakistan (SBP) had warned about the worsening situation of country’s economy. PakistanTribe reported earlier that though receiving Saudi gift of $ 1.5 billion, bounding US dollar below Rs 100 and with country’s top stock market scoring more than 27000 points – the fiscal deficit for the year 2013-14 would still remain 6 to 7 percent of GDP.
The SBP cautioned that inflation would remain in the range of 8.5 to 9.5 percent “unless the government announces an increase in household gas tariff, which was due in January”.