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$15b reserves target to be met as Sukuk to ‘defeat’ Euro Bonds, claims Dar

$15b reserves target to be met as Sukuk to ‘defeat’ Euro Bonds, claims Dar

LONDON: Federal Finance Minister Ishaq Dar has expressed the confidence that the government would achieve $15 billion foreign reserves target by December 31 this year as response to Sukuk would far exceed the interest evinced in Euro Bonds.

He was addressing meetings in London attended by leading investors, banks and financial institutions highlighting the Sukuk. The Minister informed the participants about key economic indicators and said these manifested a turn around in Pakistan’s economy. He said all this was the result of consistent economic reforms agenda pursued by the present government.

Eulogising the role played by the overseas Pakistanis to offset negativities of two sit-ins, the Minister said the remittances sent by expatriate countrymen would also help us achieve the $15 billion forex reserve target by year end.

Meanwhile, over 25 representatives of international investment companies called on Ishaq Dar in the roadshow on Pakistan International Sukuk offering.

The finance minister was accompanied by the deputy governor of the State Bank of Pakistan and additional secretary (external finance) in the meetings with the investment companies, according to a message received here from London.

The finance minister, along with his team, briefed the international investors during the day-long meetings. Most of the investors had invested in the international bond issued earlier this year. The investors were provided with an update on macroeconomic progress made by Pakistan since the roadshows for the Euro Bond in April earlier this year.