Quotes: US MENA   Enter Symbol: NewsLetter: Search: advanced

UAE- ME banks invited to invest in Pakistan treasury bills  Join our daily free Newsletter

MENAFN - Khaleej Times - 03/04/2014
No. of Ratings : 0
Add to Mixx!



(MENAFN - Khaleej Times) The federal minister mentioned that it was the first time that the government had listed treasury bills for trading on the stock exchange

Pakistan has invited middle eastern banks to invest in the treasury bills (tbs) of pakistan in the stock exchange that will yield attractive dividends for the lenders.


The proposal was floated by the federal minister for finance economic affairs revenue and statistics senator muhammed ishaq dar to representatives of mostly dubai-based banks during a meeting in dubai. representatives from dubai islamic bank mashreq bank emirates islamic habib bank ltd habib agz bank emirates nbd and united bank limited attended the meeting.


The federal minister during his briefing mentioned that it was the first time that the government had listed treasury bills for trading on the stock exchange.


Senator dar cited that in the 90s credit facilities were extended by the middle eastern banks to pakistan. he mentioned that one such facility had been extended recently as well. the minister encouraged the bankers for resumption of similar financing facilities as the fast growing pakistani market has good appetite for such credit.


According to media reports in pakistan dar is in dubai to hold the first roadshow with expectation to raise 500 million projected in the current fiscal year budget to meet fiscal deficit financing. the government has estimated rs576 billion external resources grants and loans as well as 500 million eurobonds and 800 million privatisation proceeds for financing the fiscal deficit.


Three road shows have been planned to launch eurobonds in the current fiscal year with the first one in dubai followed by one in london on april 4 and the last one in new york prior to the world bank and the international monetary fund (imf) spring meeting scheduled for april 11-13 reports said.


Giving a detailed review of pakistan’s economy to the representatives of the banks the minister said that the present government was following economic reform agenda and nearly all the economic indicators were on track.


Last week the international monetary fund (imf) appreciated the growth momentum in pakistan’s economy and confirmed its recent forecast of 3.1 per cent growth this year which was revised up from an earlier 2.8 per cent.


The overall economic situation in pakistan is gradually improving according to jeffrey franks the imf mission chief for the country. “that 3.1 per cent may still be a bit on the conservative side so we see indicators of growth that are relatively strong considering the fiscal adjustment that has taken place” franks said during a conference call.


The imf projected that pakistan’s growth to accelerate to around 3.7 per cent for the 2014-15 fiscal year. the growth was boosted by a stronger manufacturing industry according to an imf report.


In the first half of the financial year large-scale manufacturing had shown a growth of 6.8 per cent which was leading the overall growth in the economy dar told bankers.


He further said that the growth in credit to private sector had shown a phenomenal increase of 8.7 per cent for the period july-march 2014 over minus 0.8 per cent in the last financial year.


Dilating on the external front the finance minister said that exports were showing positive results with a growth of 6.2 per cent year-on-year for the period july-february.


The finance minister said that remittances showed an increase of 11.2 per cent higher than last year which was helping balance of payment position.


Latest data shows that the foreign exchange reserves of the country have crossed the threshold of 10 billion on march 31 as the government has strengthened the foundation of the economy.


Dar also highlighted that the expenditure management had helped in reducing fiscal deficit during july-february 2013-14 to 3.1 per cent against 4.1 per cent during the same period of last year. revenue collection during july 2013-february 2014 also showed a healthy growth of rs1348 billion compared to rs1145 billion for the same period last year indicating an increase of 17.7 per cent.

Abdulbasit?khaleejtimes.com




 






  MENA News Headlines
 Aug 20 2014 - Ex-minister in India refutes love child claimKhaleej Times
(MENAFN - Khaleej Times) A former federal minister has denied the allegation made by a 47-year-old Gujarat-based widow that he had tied the knot with her in 2005 and is the father of her 19-year-old ...

 Aug 20 2014 - Intensive exhaustive household survey stalls TelanganaKhaleej Times
(MENAFN - Khaleej Times) Nearly 400000 government employees teachers and student volunteers began the house-to-house survey at 7am in the city and at 8am in other parts of the state ...

 Aug 20 2014 - Surviving a typhoon in Leyte and rebuilding livesKhaleej Times
(MENAFN - Khaleej Times) Its not yet a year since the worlds most devastating storm reached landfall and while aid workers began pulling out last month recovery efforts are far from over.It has been ...

 Aug 20 2014 - Pakistan army urges talks as protesters await political showdownKhaleej Times
(MENAFN - Khaleej Times) Imran Khan the former cricket star and now chairman of the Pakistan Tehreek-i-Insaaf (PTI) and preacher Tahir Ul Qadri have led days of protests demanding the resignation of ...

 Aug 20 2014 - Yoga guru BKS Iyengar dies of kidney failureKhaleej Times
(MENAFN - Khaleej Times) Iyengar started his yoga school in 1973 in the western city of Pune developing a unique form of the practice that he said anyone could follow.BKS Iyengar the yoga guru who ...

 Aug 20 2014 - Japanese 111-year-old becomes oldest manKhaleej Times
(MENAFN - Khaleej Times) Sakari Momoi a former high school principal who was born on February 5 1903 received a certificate from Guinness World Records confirming the ...

 Aug 20 2014 - Robin Williams suicide not plannedKhaleej Times
(MENAFN - Khaleej Times) Confidante says actor was his usual self the day before Photo: AgenciesA confidante of Robin Williams says he did not plan his suicide.Tmz.com reports that the confidante of ...

 Aug 20 2014 - UAE- Beverage cups safe to use: Ministry of Environment and WaterKhaleej Times
(MENAFN - Khaleej Times) The Ministry of Environment and Water (MoEW) on Monday dismissed reports doing the rounds on social networking sites about drinking cups containing carcinogens as rumours and ...

 Aug 20 2014 - UAE- Khalifa University launches science and technology summer campKhaleej Times
(MENAFN - Khaleej Times) The Khalifa University has launched a new science technology engineering and mathematics (Stem) summer camp at its Abu Dhabi campus.The camp is expected to attract more than ...

 Aug 20 2014 - UAE- Sharjah conference to discuss ways to protect refugee kidsKhaleej Times
(MENAFN - Khaleej Times) It aims to put measures in place to ensure children and refugees in the Middle East and North Africa are protected from the danger of all forms of exploitation and ...

more...


 






Google

 
 

Middle East North Africa - Financial Network

MENAFN News Market Data Countries Tools Section  
 

Middle East North Africa - Financial Network
Arabic MENAFN

Main News
News By Industry
News By Country

IPO News
Islamic Finance News
Private Equity News

How-To Guides
Technology Section

Travel Section

Search News

Market Indices
Quotes & Charts

Global Indices
Arab Indices

US Markets Details

Commodoties

Oil & Energy

Currencies Cross Rates
Currencies Updates
Currency Converter

USA Stocks
Arab Stocks
 

Algeria 
Bahrain 
Egypt 
Iraq
Jordan 
Kuwait 
Lebanon
Morocco 
Oman 
Palestine
Qatar 
Saudi Arabia 
Syria
Tunisia 
UAE 
Yemen

Weather
Investment Game
Economic Calendar
Financial Glossary

My MENAFN
Portfolio Tracker

Voting

Financial Calculators

RSS Feeds [XML]

Corporate Monitor

Events

Real Estate
Submit Your Property

Arab Research
Buy a Research

Press Releases
Submit your PR

Join Newsletters


 
© 2000 menafn.com All Rights Reserved.  Terms of Service | Privacy Policy | Contact Us | Advertise | About MENAFN | Career Opportunities | Feedback | Help