Finance minister Ishaq Dar in a meeting with Saudi Arabia Ambassador Dr Abdul Aziz Al Ghadeer in Islamabad on May 13, 2014. PHOTO: PID
Finance Minister Ishaq Dar has said that the country will issue an Islamic bond denominated in dollars for Islamic banking institutions and funds, while meeting the Saudi Arabia Ambassador Dr Abdul Aziz Al Ghadeer.
Dar said the country has been successful in putting the economy on a stable growth trajectory through prudent macro-economic management.
“These measures have resulted in restoring investors’ confidence in the Pakistani economy which has also helped in oversubscription of Euro bonds,” said Dar.
In the largest-ever single transaction, Pakistan was able to raise $2 billion from international debt markets through the issuance of five- and 10-year dollar-denominated Euro bonds.
Meanwhile, the Saudi ambassador too showed confidence in Pakistan, stressing that the Nawaz Sharif-led government has attached importance to the country’s economy.
Published in The Express Tribune, May 14th, 2014.
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COMMENTS (2)
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What is Islamic about the money certificates? Simply because they will be guaranteed by the Saudi Government. Why not give it the name of James Bond or Royal Bond?
Rex Minor
Stable condition? are you kidding me?
The government keeps borrowing tens of billions of dollars, left and right from euro bonds, world bank, ADB, IDB, IMF and now Islamic bonds..
HOW IS THAT LEADING TOWARDS A STABLE ECONOMY? Absolute nonsense.
The next government will face steep economic pressures that may even lead to severe austerity.
Allah hee hafiz hai..Pakistan ka...