Quotes: 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




 


Khaleej Times




  MENA News Headlines
 Apr 1 2015 - India is least E-Commerce Friendly, Says UNCTADKNN India
(MENAFN - KNN India) India is one of the fastest growing e-commerce markets in the world, but the country's online retailing infrastructure is struggling to keep up. According to a new index compiled ...

 Apr 1 2015 - Al Qassimi takes 5th place in 1st leg of Abu Dhabi Desert ChallengeEmirates News Agency (WAM)
(MENAFN - Emirates News Agency (WAM)) Sheikh Khalid bin Faisal Al Qassimi, Abu Dhabi Racing Chairman, came in 5th overall on the first day of the Abu Dhabi Desert Challenge. Al Qassimi set a ...

 Apr 1 2015 - ADOR storms around Cape HornEmirates News Agency (WAM)
(MENAFN - Emirates News Agency (WAM)) Abu Dhabi Ocean Racing (ADOR), the emirate's entry in the Volvo Ocean Race (VOR), has safely rounded ocean racing's most treacherous landmark - Cape Horn at the ...

 Apr 1 2015 - Alitalia and Etihad Airways support Expo Milano 2015 'Made Of Italians' programmeEmirates News Agency (WAM)
(MENAFN - Emirates News Agency (WAM)) As Official Global Carriers of Expo Milano 2015, Alitalia and Etihad Airways will support the upcoming event's 'Made of Italians' programme by offering exclusive ...

 Apr 1 2015 - Abu Dhabi Chamber discuss expanding economic relations with SloveniaEmirates News Agency (WAM)
(MENAFN - Emirates News Agency (WAM)) The Abu Dhabi Chamber of Commerce and Industry today received a trade delegation from the Republic of Slovenia which included representatives of 30 companies and ...

 Apr 1 2015 - OPEC daily basket price for Tuesday, 31st March 2015Emirates News Agency (WAM)
(MENAFN - Emirates News Agency (WAM)) The price of OPEC's basket of twelve crudes stood at US$51.06 a barrel on Tuesday, compared with US$51.45 the previous day, according to OPEC Secretariat ...

 Apr 1 2015 - Saudi Defense Minister receives two messages from Sudanese PresidentEmirates News Agency (WAM)
(MENAFN - Emirates News Agency (WAM)) Prince Mohammed bin Salman bin Abdulaziz, Minister of Defense, Chief of Royal Court, and Special Advisor to the Custodian of the Two Holy Mosques, has received ...

 Apr 1 2015 - UAE Banks Federation partners with SWIFT to lead discussion on global financial crime regulationsEmirates News Agency (WAM)
(MENAFN - Emirates News Agency (WAM)) The Society for Worldwide Interbank Financial Telecommunication, SWIFT, has joined the UAE Banks Federation to bring together senior representatives from ...

 Apr 1 2015 - UAE Ambassador, Somalia's Minister for Higher Education discuss cooperation relationsEmirates News Agency (WAM)
(MENAFN - Emirates News Agency (WAM)) Mohammed Ahmed Othman Al Hammadi, UAE Ambassador to Somalia, and Somalia's Minister for Higher Education, Khadra Bashir Ali, have discussed ways to boost ...

 Apr 1 2015 - 1000 people of different nationalities including Emiratis registered for smart gate service of GDRFAEmirates News Agency (WAM)
(MENAFN - Emirates News Agency (WAM)) As many as 1000 people of different nationalities including Emirati citizens have applied at the smart gate service during the Dubai government achievement ...

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

Islamic Finance News
Private Equity News

How-To Guides
Technology Section

Travel Section

Search News

Market Indices
Quotes & Charts

Global Indices
Arab Indices

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
Economic Calendar
Financial Glossary


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


 
© 2014 menafn.com All Rights Reserved.  Terms of Service | Privacy Policy | Contact Us | Advertise | About MENAFN | Career Opportunities | Feedback | Help