Beefing up Reserves

The Express Tribune in a recent write-up disclosed the Government’s resolve to raise $750 Million to over $1 Billion, depending on the investor response, through issuance of International Sukuk Bonds. For this the Government is planning to pledge the Islamabad-Lahore Motorway. There is clear evidence that the continual decline in Exports and a downward trend in Remittances has worsened the balance of payments position. The Government, rather than focusing on improving and strengthening these critical economic areas, has opted for the relatively easier route by raising funds through offering Islamic Bonds.

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