Summary Finance Minister Muhammad Aurangzeb says Pakistan has secured UAE and Eurobond repayments, plans $1B Panda Bonds, and will meet IMF targets despite regional economic challenges.
ISLAMABAD (Mudassar Ali Rana) - Federal Finance Minister Muhammad Aurangzeb has stated that arrangements have been finalized for the repayment of UAE and Eurobonds.
Speaking to Dunya News about the current economic situation, he said that policies need to be formulated in view of the prevailing tense conditions.
He added that foreign exchange reserves will be stabilized and maintained in line with International Monetary Fund targets.
He further said that all commitments related to Pakistan’s timely payments will be fulfilled, adding that preparations are underway for commercial financing and bond issuance.
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Talks are ongoing with a consortium of banks for securing commercial financing.
The finance minister said that preparations for issuing Panda Bonds will resume by the end of April, with the government planning to raise a total of $1 billion through these bonds.
He expressed confidence that financing targets set for the current fiscal year will be achieved as per commitments.
He noted that since this is Pakistan’s first-ever Panda Bond issuance, it is taking time, while the impact of regional tensions on the national economy is also being assessed.
Muhammad Aurangzeb added that economic policies formulated in coordination with the IMF have put the economy on the right track, and important economic decisions along with budget preparations will be made in the coming days.
