To reduce dependence on International Financial Institutions (IFIs), the government has decided to float foreign sovereign bonds of $1.5 billion during the next three years under its medium term budgetary framework. According to the Federal Medium Term Budgetary Estimates and Service Delivery, the priorities fixed for the next three fiscal years 2011-14 with the fiscal deficit would be bridged through non-bank borrowing. For meeting the requirements $ 500 million foreign sovereign bonds would be floated each year during the next three fiscals. Similarly, rupee denominated sovereign bonds of estimated Rs95 billion would be floated during the next three fiscal years. The first bond of Rs25 billion would be issued in fiscal year 2011-12, followed by Rs30 billion in 2012-13 and Rs40 billion in 2013-14. The floating of the loans would help the government meet its current and development expenditures by lowering reliance on the foreign currency loans from the World Bank, Asian Development Bank, and bilateral donors. According to the plan the government has determined that six auctions every fiscal of the Pakistan Investment Bonds and number of auctions of treasury bills has been set at 26 for the next fiscal year while these have been retained at 25 per year for the subsequent two fiscal years. The investment target for National Savings Schemes has been set at Rs151 billion, Rs170 billion, Rs190 billion respectively for the next three fiscal years as compared to Rs248 billion target for the current fiscal year.