A delegation of Citi Bank met Finance Minister Ishaq Dar on Saturday. PHOTO: AFP/FILE
A delegation of Citibank met Finance Minister Ishaq Dar on Satuday, to offer Citibank’s expertise and services to the government of Pakistan for floating bonds and raising capital from international market.
According to the delegation, Pakistan’s election results were well received by credit markets which can be gauged from the fact that the borrowing yields or its Eurobonds fell by 2% immediately after the assumption of new government.
While talking to the delegation, Dar said that the initiatives taken by government which include budgetary measures, programme with International Monetary Fund and settling circular debt have received good response, adding that various international banks and financial institutions have approached government of Pakistan to extend their support in the efforts of the new government to revive the economy and repair the structural imbalances.
Published in The Express Tribune, July 28th, 2013.
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COMMENTS (7)
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"According to the delegation, Pakistan’s election results were well received by credit markets"
Only a fool like Dar would believe that this was an endorsement of the election RESULTS in Pakistan. In fact, it was a recognition of democratic elections being held and power successfully transferred to a new government for the first time in Pakistan's history.
For this, the credit belongs to the Pakistan Peoples Party.
What about Citibank offering to repay the money stashed away in its Swiss accounts to the Government of Pakistan? Then we wouldnt have to issue Eurobonds!
One bankrupt institution calls on another.
I agree with Kamran. Citi wound up it's decades old retail banking operation in Pakistan. The reply that Citi did it in other countries too does not make sense as it had much older and deeper existence in Pakistan than in other countries where it closed. And now Citi is talking of investor confidence.
Fair weather friends (read Citi) are active again and ready to reap benefits
Karam - citi has only wound up its retail banking operations. This is not pakistan specific and includes a number of countries. Citi is very active and maintains its focus on its core strength of corporate & investment banking in pakistan.
Funny. The group has wound up its own business in Pakistan.