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Bloomberg
Pakistan will raise $500 million in March through a fund aimed at its nationals living overseas, as South Asia’s second-biggest economy seeks investment after averting a balance-of-payment crisis.
Pakistani citizens living abroad will be asked to invest in the fund managed by the Board of Investment and the central bank, Haroon Sharif, the chairman of the state-run agency, said.
PM Imran Khan’s administration will also sell a so-called diaspora bond in January, finance ministry spokesman Khaqan Hassan Najeeb said.
Khan’s six-month-old government is tapping different sources to overcome a nearly $12 billion financing gap and boost its dwindling foreign reserves. He has secured $6 billion in loans from friendly nations, including Saudi Arabia and the UAE.
Finance Minister Asad Umar said an investment package with China is almost complete, while talks with the International Monetary Fund for a bailout loan are ongoing. The government is set to raise up to $3 billion from the diaspora bond, on January 31 to boost foreign reserves, Dawn reported.