Pakistan plans to raise $ 1 billion Eurobond in March 2022

Pakistan plans to raise $1 billion through an ESG-compliant Eurobond in March 2022, which would follow a similar amount of Sukuk last week of January 2022, to end its dependence on multilateral lenders by reducing the deficit for sustainable economic growth, Finance Minister said in an interview with Bloomberg.

The minister who negotiated the last leg of its current IMF loan is targeting a budget shortfall to 5%-5.25% of the gross domestic product in the year starting July 1, from 6.1% now, and aims to spur economic growth to 6% from 5%.

While sharing his plans, the minister said the first is to halt Pakistan’s boom-bust cycle involves boosting exports. The central bank offered cheap loans to manufacturers and energy tariffs were brought in line with the region. Textile shipments — more than half of total exports are poised to surge 40% to a record $21 billion in the year through June and further to $26 billion next year, according to PM commerce adviser, Abdul Razak Dawood.

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