iPhone | iPad
Android
Huawei
Discovery led experts to probe the mystery of the 40-something Neanderthal woman laid to rest in a sleeping position beneath a huge vertical stone marker
KT APPDOWNLOAD
$750m eurobond issue eyed by Pakistan
Pakistan is planning its first eurobond issue for six years and aims to raise $750 million to boost dwindling foreign exchange reserves and shore up the rupee, officials said.
The finance ministry has approached several international banks seeking advice and with a view to appointing one as lead adviser for the launch, a ministry official told AFP.
The move comes with an International Monetary Fund team in Pakistan to check progress on reforms tied to a $6.7 billion loan package.
Islamabad has approached Citibank, HSBC and International China Banking Corporation for advice on the bond issue, the ministry official said.
“The banks have been contacted and the final decision will be taken after they come out with their take on the launch,” the official said.
“They would advise Islamabad when to launch the bonds, what should be the selling price and volume to the offered.”
Another ministry official confirmed the details. Both spoke on condition of anonymity.
Pakistan raised $750 million and $500 million in its last bond issues in 2007, which were offered with a 7.75 percent markup and a 10-year term.
The IMF paid the $540 million first installment of the three-year loan deal in September, but future payments depend on the completion of tough economic reforms measured at quarterly reviews.
Pakistan’s foreign exchange reserves have fallen alarmingly this year to just $4.2 billion — $300 million below the target set by the IMF for the end of September.
To add to the economic woes, the rupee has also shed 6.2 percent of its value against the dollar since January.
More news from
Local media reported that at least two people died earlier this week but authorities are yet to confirm if their death was due to extreme heat
Marsh was confirmed as captain on Wednesday, continuing a remarkable comeback for the laconic all-rounder
This year, the property prices are likely to see a jump of up to 15%
Your ultimate guide to driving in the emirate during heavy rains and unstable weather conditions
The authorities also denied rumours about water contamination in the emirate due to the rains
Scientists explore a way that shows promise for increasing crop yields in simulated Martian soil, with different crops grown together
The innovative program provides seamless access to proactive healthcare, offering health risk assessments, check-ups, on-call doctors, a dedicated helpline, and educational support programmes