Finance minister confirms first payment by IDB
Payment will boost investor confidence and relieve pressure on forex reserves.
The committee has been directed to submit a report by 31st August, 2013, with the direction that its report is implemented by 30th September, 2013. PHOTO: AFP
KARACHI:
Finance Minister Ishaq Dar confirmed on Saturday that the first trance payment from an assistance program by the Islamic Development Bank had been received and assured businesses that the government will not abuse its access to banks.
The minister, who met representatives of Karachi Stock Exchange (KSE)and Federation of Pakistan Chambers of Commerce and Industry (FPCCI) in his maiden meeting with business leaders here on Saturday said that the PML(N) Government had taken many measures including tariff rationalisation and reforms in the taxation system to improve investor confidence.
As result of the polices and measures adopted by the present government, multilateral donors who were earlier hesitant to deal with Pakistan were now approaching the government and ready to offer financial support to its projects and programs in line with the priorities set by the government. In this connection he revealed that the IDB, with which he held negotiations during his Ummrah trip, has agreed to provide €750 million and a trade facility of $150million dollars. The State Bank of Pakistan, he said has received its first tranche yesterday.
During the meeting the finance minister said he had directed a committee comprising representatives of Ministry of Finance, Karachi Stock Exchange, Securities and Exchange Commission of Pakistan and State Bank of Pakistan, to submit a report to the government for trading T-Bills and government bonds in stock exchanges in Pakistan. The committee has been directed to submit a report by 31st August, 2013, with the direction that its report is implemented by 30th September, 2013.
The minister said that the PML-N led government is striving hard to improve the economy, but given the state the previous government left the country in, it will be a long and arduous task. During his talks with businessmen the finance minister discussed various matter including the speculated increase in electricity tariffs which he dispelled as rumor.
Published in The Express Tribune, August 18th, 2013.
Finance Minister Ishaq Dar confirmed on Saturday that the first trance payment from an assistance program by the Islamic Development Bank had been received and assured businesses that the government will not abuse its access to banks.
The minister, who met representatives of Karachi Stock Exchange (KSE)and Federation of Pakistan Chambers of Commerce and Industry (FPCCI) in his maiden meeting with business leaders here on Saturday said that the PML(N) Government had taken many measures including tariff rationalisation and reforms in the taxation system to improve investor confidence.
As result of the polices and measures adopted by the present government, multilateral donors who were earlier hesitant to deal with Pakistan were now approaching the government and ready to offer financial support to its projects and programs in line with the priorities set by the government. In this connection he revealed that the IDB, with which he held negotiations during his Ummrah trip, has agreed to provide €750 million and a trade facility of $150million dollars. The State Bank of Pakistan, he said has received its first tranche yesterday.
During the meeting the finance minister said he had directed a committee comprising representatives of Ministry of Finance, Karachi Stock Exchange, Securities and Exchange Commission of Pakistan and State Bank of Pakistan, to submit a report to the government for trading T-Bills and government bonds in stock exchanges in Pakistan. The committee has been directed to submit a report by 31st August, 2013, with the direction that its report is implemented by 30th September, 2013.
The minister said that the PML-N led government is striving hard to improve the economy, but given the state the previous government left the country in, it will be a long and arduous task. During his talks with businessmen the finance minister discussed various matter including the speculated increase in electricity tariffs which he dispelled as rumor.
Published in The Express Tribune, August 18th, 2013.