Bond auction remained successful – Mian Zahid

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Karachi: President Pakistan Businessmen and Intellectuals Forum (PBIF), President AKIA, Senior Vice Chairman of the Businessmen Panel of FPCCI and former provincial minister Mian Zahid Hussain on Monday said bond auction has remained successful which will provide some space to the government to put the economy back on the track.

International investors did not give any importance to the negative reports regarding Pakistan which indicate that they are hopeful about the economic future of the country, he said.

The auction of bonds worth 2.5 billion dollars attracted investors despite political turmoil, dharna and law and order issues which is a success, the former minister.

Mian Zahid Hussain said that a loan from IMF was cheap as compared to the loan acquired from the debt market but the IMF loan seldom comes without strings.

The credit of the positive reaction of investors also goes to Chinese investment under CPEC and the role played by the army to defuse political tensions between religious elements and the government, he added.

The veteran business leader said that the loan will provide some breathing space to the government which will be a text for the policymakers.

The development is good but the forex reserves will remain under pressure due to falling exports, dwindling remittances and reduced foreign direct investment.

Mian Zahid Hussain added that government must deliver despite the opposition of the political opponents and legal difficulties being faced by the top leadership of PML-N.