Federal Finance Minister Syed Naveed Qamar has said that the government will soon float Securitised Bond in the domestic and international markets. Addressing the Dawood Islamic Bank Pre-IPO dinner here on Saturday, he said that the government will make national saving bonds more attractive for the public, and this will also help the government to escape borrowing from the central bank.
He said that the country is passing through serious economic problems, as the rising cost of oil in the international market and energy crisis in the country heavily burdened the economy. The minister said that government is focusing on the growth of the agriculture sector, which is backbone of national economy.
He said that the bumper crop of rice and after it a healthy crop of wheat will support to bring down food inflation in the country and the prices of these commodities will decrease. He said that the trade deficit will be reduced by enhancing country's exports, which will be achievable because of the bumper crop of rice and cotton. "The textile is the mainstay of our exports, so it is high time for us to double our exports and limit our imports", he added.
He was of the view that the remittances sent by overseas Pakistanis will support the balance of payments. The minister said that the banking sector is vital for economy and the modernisation in this sector is necessary for the growth in trade and business, as it is a vehicle of progress and development. He said that the Islamic banking was growing rapidly in the country during the last five years, which is essential for the growth of the economy.
He appreciated the role of Dawood Islamic Bank in the promotion of Islamic Banking and strengthening of Pakistan's economy. He also appreciated the Dawood Islamic Bank's plan to expand its operations to rural areas and said that this would help to create more economic opportunities in the country.
He said that the government borrowing from the central bank will be reduced to zero percent by using other sources to generate funds. The privatisation programme will also be restarted to generate funds, he added.
Regarding stock markets support programme, Naveed Qamar said that Rs 20 billion equity market opportunity fund has been launched, which will support the stock markets at the time of any pressure. He said that government was facing a challenging situation, which has been created due to unprecedented rise in oil prices.
Replying to a question, the minister said that the Prime Minister's visit to the United States will help to further strengthen bilateral relations between the two countries. He said that the Saudi government will provide oil on defer payments basis.
Rafique Dawood, Chairman, Dawood Islamic Bank Limited, in his welcome address expressed his hope that the government will tackle the serious economic problems prevailing in the country with consistent policies. Nikolaus Rafiq Schwarz, CEO of Dawood Islamic Bank briefed about the bank's operations and products and its future projects.
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