Pakistan to issue Panda Bonds worth $300mln this year: Finance Minister

Islamabad: Finance Minister Muhammad Aurangzeb has said Pakistan will issue Panda Bonds worth 300 million dollars this year to tap Chinese market.

In an interview with Bloomberg, he said China is the second largest bond market in the world and Chinese investors can take advantage of Panda bonds.

The Minister said initially bonds worth 250 million to 300 million dollars will be issued and volume of Panda bonds will be enhanced at a later stage.

He said government’s cash balances are strong enough that it is able to pay its debts on time. He said the country is heading in the right direction towards economic stability.

Muhammad Aurangzeb made it clear that the payments are unlikely to put pressure on the currency. He expressed the confidence that Pakistani rupee will hopefully remain stable

The Finance Minister said Pakistan will go for an IMF programme with at least three year duration. He expressed the confidence that growth rate will be better in the next financial year.