ISLAMABAD – Pakistan Tehreek-e-Insaf government shelves economic initiativeworth $3 billion.
Federal government has postponed a plan to raise $3 billion through thelaunch of Eurobonds till the end of current fiscal year, thanks tohigh-interest rates and refinancing risks of external public and publiclyguaranteed debt.
According to a local newspaperlinkreport,the government has been relying on expensive and shorter-period foreignloans for the last one year to meet its financial needs. It mostly reliedon short-term expensive foreign commercial loans and hot foreign money.
In the budget estimates for fiscal year 2019-20, the government had theplan to raise $3 billion through floating sovereign bonds and in the lastfiscal year also, it had the same estimates.
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However, its plans could not materialise because of delay in signing theInternational Monetary Fund (IMF) package for Pakistan.
