Govt plans to raise $6b

ISLAMABAD - The government is desperately looking for about US $ 6 billion foreign inflows in form of investment, floating bonds and crucial aid from World Bank and the United States in the wake of downslide of all economic indicators.

“In such a dismal situation, we have two options; either to become a silent spectator, or do something actively,” said one of the top officials of the Finance Ministry when asked how the government could float bonds in international market and expect foreign investment at a time when the country lacked security as well as political stability.

The Finance Ministry Saturday issued a policy paper, which showed that the economic managers were targeting to raise US $ 800 million by floating bond, an instrument to borrow money from the international market, investment in oil and power sector in range of US $ 2-3 billion, US $ 400 million foreign investment in Karachi Electricity Supply Corporation, and are issuing Internet licenses worth US $ 250-300 million.