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Pakistani expats welcome $1b bond announcement
Pakistani expats welcome $1b bond announcement | Front Page | Saudi Gazette
RIYADH — An overwhelming number of Pakistanis working and doing business in the Kingdom have welcomed their government’s announcement of $1 billion bond issuance for overseas Pakistanis to expand the housing sector in the country.
The announcement was made on Friday by Prime Minister Nawaz Sharif during his surprise visit to the Karachi Stock Exchange where the index had climbed up to a new all-time high of 33,786 two weeks back. Finance Minister Ishaq Dar was present when Sharif made the announcement over the weekend.
“The government intends to issue bonds to raise $1 billion worth of foreign exchange from expatriate Pakistanis to expand the housing sector in the country,” the prime minister said.
According to reports, the idea of $1 billion Pakistan fund (bond) was floated by some Pakistani professionals in December 2013 at a function here chaired by then Ambassador Naeem Khan who welcomed the idea and assured the gathering of taking it up with the authorities in Islamabad.
The Kingdom hosts more than 2.2 million Pakistani expatriates who remitted $4.5 billion — almost 32 percent of total remittances the Pakistani government received from overseas Pakistanis worldwide in 2014. It is anticipated that remittances from overseas Pakistanis in the Kingdom may rise to almost $5 billion, according to official forecasts.
Subsequent visits by officials from Islamabad to the capital were informed of the $1b fund idea. The idea was also discussed with Sen. Mushahidullah Khan and former Punjab governor Chaudhury Sarwar during their visits here, said Khalid Akram Rana, an IT/Telecom professional working with STC and head of PML-N Riyadh.
Pakistani expats welcome $1b bond announcement | Front Page | Saudi Gazette
RIYADH — An overwhelming number of Pakistanis working and doing business in the Kingdom have welcomed their government’s announcement of $1 billion bond issuance for overseas Pakistanis to expand the housing sector in the country.
The announcement was made on Friday by Prime Minister Nawaz Sharif during his surprise visit to the Karachi Stock Exchange where the index had climbed up to a new all-time high of 33,786 two weeks back. Finance Minister Ishaq Dar was present when Sharif made the announcement over the weekend.
“The government intends to issue bonds to raise $1 billion worth of foreign exchange from expatriate Pakistanis to expand the housing sector in the country,” the prime minister said.
According to reports, the idea of $1 billion Pakistan fund (bond) was floated by some Pakistani professionals in December 2013 at a function here chaired by then Ambassador Naeem Khan who welcomed the idea and assured the gathering of taking it up with the authorities in Islamabad.
The Kingdom hosts more than 2.2 million Pakistani expatriates who remitted $4.5 billion — almost 32 percent of total remittances the Pakistani government received from overseas Pakistanis worldwide in 2014. It is anticipated that remittances from overseas Pakistanis in the Kingdom may rise to almost $5 billion, according to official forecasts.
Subsequent visits by officials from Islamabad to the capital were informed of the $1b fund idea. The idea was also discussed with Sen. Mushahidullah Khan and former Punjab governor Chaudhury Sarwar during their visits here, said Khalid Akram Rana, an IT/Telecom professional working with STC and head of PML-N Riyadh.
