Punjab to issue 'infrastructure development bond'

Punjab Finance Minister Dr Ayesha Ghaus Pasha said that the Punjab government is going to issue "infrastructure development bond" in a bid to generate resources for infrastructure development in the province. She said this while speaking at Pakistan IPO Summit here at a local hotel on Friday. The event was jointly organised by Pakistan Stock Exchange (PSX) and South Asian Federation of Exchanges (SAFE) in media partnership with Business Recorder and AAJ News.
Dr Ayesha Ghaus Pasha maintained that there is lesser number of listed companies in Pakistan which is a matter of concern. In Pakistan, the number of such companies is only 500 and declining; while in India the same figure is over 20,000.
She further said that investment in IPOs is good for economy; therefore, growth in this sector is necessary to expand economy. She was of the view that stakeholders - SECP, stock exchange and brokers have not played their due role for tapping potential of IPOs. She added that IPOs can play an important role in economic development of the country.
Dr Ayesha said that unemployment is a big issue and the private sector would have to come forward for maintaining GDP growth rate of 7 percent. She added that the provincial government is paying special attention to maintain growth rate.
Pakistan Stock Exchange (PSX) chairman Haroon Askari in his address said that the country's stock market has witnessed 20 percent decline due to political uncertainty. However, he said the country's economy is stable and the stock market would stage a recovery.
Haroon also said that different companies are going to announce their results and with these results the stock market would move forward positively. He said he is optimistic about positive outlook of the stock market. The acting chairman of SECP Zafar Abdullah in his address said that IPOs possesses huge potential, therefore, investors must use IPOs to fetch profit. He also said that the SECP is playing its due role for securing interest of investors. Presentations were also given on IPO success stories. The event was attended by a large number of businessmen, stock brokers and investors.