Federal Minister for Finance Senator Ishaq Dar said on Thursday that the World Bank would provide Pakistan US$ 1.7 billion for different energy and infrastructure projects including Dasu Hydro Power Project. He was addressing the launching ceremony of Government Debt Securities System in Islamabad Stock Exchange (ISE) and Lahore Stock Exchange (LSE). The finance minister said the WB was satisfied with the government’s efforts of bringing reforms to improve the country’s economy and the amount from the Bank was expected to receive by May. He said the government would complete all three road shows regarding issuance of Euro bonds by mid April and after that Pakistan would launch Eurobonds worth of $500 million to improve foreign reserves in the country.
“The Eurobonds are going to launch for the first time in seven years with an indicative price of 6.5 percent”, he added. He said currently the country had about $10 billion foreign reserves and the government wanted to raise the reserves to $20 billion in three years.
About spectrum auction in the country, the finance minister said the process for the auction had been triggered and it would complete by April 21. The minister said the government was focussing on investment-led economic growth which would prove as sustainable for the country.
“Sustainable economic growth can only be achieved when there is investment-led growth in the country. There is much to be done and we have to spend over Rs 3000 billion during next 3-4 years for completion of different mega projects in the country.
He said the country’s equity market was performing well and due to the government’s efforts in improving economy, the Karachi Stock Exchange was increased by 30 percent from 19,000 points to 26,000 points. Dr Salman Shah, Chairman LSE and former Advisor to prime minister on finance praised the government’s efforts in strengthening the economy