‘Pakistan to be leading economic power by 2050’

By Sajid Chaudhry

ISLAMABAD: Advisor to Ministry of Finance, Dr Ashfaque Hassan Khan, has said a latest research by a UK based international firm has indicated that Pakistan along with other three economies would become leading economic power well before 2050.

Speaking at weekly briefing at the Ministry of Finance Dr Ashfaque said Gold Man Sachs had earlier included Pakistan in next 11 emerging economies with a projection that the country would be an economic power by 2050.

In a latest projection released by Grant Thorton, a British Accounting Firm indicates that Pakistan, Turkey , Indonesia and Mexico would become economic powers earlier to the projected date of 2050.

He called this development as success of the economic policies and economic managers of the country who are trying hard to convert the current growth trend into a sustainable economic growth.

He said Pakistan to hold road shows in different parts of the world for flotation of its next bond issue in the month of May. Bond having category of 144-A would be for whole world including Europe, America, and onshore US in-vestors would also be able to hold these bonds.

He mentioned that selection of lead managers had already been completed and City Group, HSBC and Douche Bank, the lead managers, were completing the documentation process for floatation of bond.

He said the size of the bond issue would be decided on last day of the road shows.

Replying to a question on next GDR, he told the media that they have successfully completed the GDR of the OGDCL and preparation for the GDR of the UBL was at an advanced stage. “We are trying to complete UBL’s GDR before the end of this fiscal year 2006-7,” he added.

He told that Pakistan would participate in 40th annual meeting of the Asian Development Bank scheduled at Kyoto, Japan during 4-7 May, 2007.

Pakistan’s three member delegation to be headed by Omer Ayub Khan, Minister of State for Finance, and Secretary Economic Affairs and Advisor to Ministry of Finance would also be the part of delegation.

The 21st century is seen as Asian century and the ADB meeting would discuss the economic growth and challenges faced by Asian economies.

At the ADB annual meeting, Pakistan, Vietnam, Philippines and India would give presentation on their state of economies and challenges faced by them. Pakistan had earlier held presentation on its economy in the year 2000, Dr Khan added.

Giving a brief overview of the economy, he said during 1st March to 30th April Pakistan’s stock market recorded increase of 1162 points in its index.

Aggregate market capitalisation of Pakistan’s stocks market increased by Rs 545 billion or 9 billion dollars during the said period, the overall aggregate market capitalisation which stood at 50.4 billion dollars at the start of March increased to 59.4 billion dollars by the end of April 2007.

He mentioned that Pakistan’s foreign exchange reserves increased by 390 million dollars during this period as at the end of April these reserves were 13.752 billion dollars.

He said exchange rate was also stable, at the start of March 2007 it was Rs 60.7 and at the end of April 2007 it continued to stand at Rs 60.7 per US dollar.

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held as a votive, not in vain, for the value
and veracity of such shall one day vindicate
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