Floating diaspora bonds under consideration to resolve external sector crisis: Umar

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Asad Umar

ISLAMABAD: Pakistan Tehreek-e-Insaaf (PTI), likely to form new government as a result of general elections 2018, is planning to issue diaspora bonds to raise funds to resolve external sector crisis.
Asad Umar, nominated Finance Minister for the new government, on Wednesday in a private news TV channel said that his government would attract overseas Pakistanis to invest in bonds and Sukuk.
He said that nominated Prime Minister Imran Khan had credibility in overseas Pakistani communities and such diaspora bonds would yield positive results.
Umar said that total external borrowing of the country had increased to $94 billion as the previous government aggressively obtained short term loans.
At present the economic situation is very difficult and the PTI government would try to increase foreign remittances, he said and added that his government would focus on education and skill development of human resource seeking jobs abroad.
Umar categorically said that his government would take all measures to bring looted money and parked in different countries.
A task force will be constituted and it is our endeavor that this task force starts work within first 100 days of new government, he added.
Taking about going to IMF, he said that the new government would open all the options but IMF would be opted as last resort.

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