The Pakistani rupee continued its upward trajectory by gaining 13 paisas reaching Rs278 in interbank trading as the local unit outclassed the greenback after the government inked a deal with the international lender.
Newly appointed Finance Minister, Muhammad Aurangzeb, has expressed optimism for improvement in economic development as well as stability in the value of the rupee. He has also forecast growth rate to be better in the next financial year.
Read more: Finance minister optimistic about economic recovery, stability in rupee value
The minister expressed these sentiments in an interview with Bloomberg, conducted at his office in Islamabad. He has also expressed eagerness to tap into Chinese investors' market by selling Panda bonds worth up to $300 million for the first time this year.
In the interview, Aurangzeb emphasized that issuing yuan-denominated debt would enable Pakistan to diversify its funding sources and access investors in a new market. He noted that China possesses the "second-largest and deepest bond market in the world," making it a strategic move for Pakistan to enter this market, especially considering the country's previous issuances of dollar and eurobonds.
Aurangzeb revealed that the initial Panda bond sale is anticipated to range between $250 million to $300 million, with plans for subsequent issuances in the future.
WB Spring meetings
The Spring meetings 2024 of the Board of Governors of the World Bank Group and International Monetary Fund (IMF) will be held on April 15-20, 2024 in Washington DC.
Finance Minister Muhammad Aurangzeb will lead the Pakistani delegation during the meetings
According to Economic Affairs Division, the following topics will be of Pakistan’s interest; (i) climate finance; (ii) clean/ green energy/ renewable energy; (iii) food and water security; (iv) public health (including nutrition); (v) Education (including technical & vocational education); (vi) poverty reduction/ social protection; (vii) youth and women empowerment; and (viii) trade, labour and development.
