Government Plans to Introduce Panda Bonds to Enhance Foreign Reserves
By
March 20, 2024
New initiatives are brewing in Pakistan’s financial landscape as Prime Minister Shehbaz Sharif explores the possibility of introducing Panda Bonds to bolster the country’s dwindling foreign exchange reserves. This plan was set in motion during a recent “State of Economy” meeting chaired by the Prime Minister, where he directed the Ministry of Finance to evaluate the feasibility of issuing Panda Bonds. This assessment is expected to be completed within a fortnight, signaling the government’s proactive stance towards economic challenges.
In addition to this groundbreaking move, PM Shehbaz Sharif has initiated regular meetings focusing on economic stability and sustainable development. Moreover, efforts are underway to acknowledge and incentivize top taxpayers and innovative exporters through an upcoming ceremony organized by the Federal Board of Revenue (FBR). The FBR has also been tasked with streamlining its processes to minimize taxpayer interaction and enhance compliance, with the aim of broadening the tax base and curbing corruption.
Furthermore, the government is revisiting its expenditure policies, including the pay structure for public sector company boards, to ensure fiscal responsibility. Additionally, measures are being taken to expedite the implementation of scanners in factories and devise strategies to reduce power losses, drawing inspiration from successful models like that of Georgia. These collective efforts underscore the government’s commitment to revitalizing Pakistan’s economy and fostering a conducive environment for growth and prosperity.
