KARACHI: Federal Finance Minister Senator Mohammad Ishaq Dar Friday said that Pakistan Stock Exchange (PSX) had been converted into a regional exchange after off-loading 40 percent equity to Chinese consortium.
Speaking at the signing of share purchase agreement of PSX’s equity stake here at PSX Building, he expressed the hope that these Chinese partners will bring more investment in Pakistan.
The finance minister said conversion of PSX into a regional exchange was the result of a team work by the Ministry of Finance, Securities and Exchange Commission of Pakistan (SECP), PSX management and brokers of the exchange.
Earlier, the de mutualisation of three local exchanges was successfully done, which paved the way for reforms with the exchange, he added.
Senator Ishaq Dar said the PML-N government, led by Prime Minister Muhammad Nawaz Sharif, through its best policies brought macro-economic stability in the country.
“All indicators are positive. We have also enough reserves to pay five months’ import bill,” he remarked adding that Pakistan would have better future.
The finance minister said that Pakistan would be included among the top 10 economies of the world by 2030.
He recalled that when the PML-N government came into power in 2013, Karachi Stock Exchange index was 19000 points, which has now reached 50,000.
To a proposal by PSX Chairman Muneer Kamal, he said, “We are ready to create an investment fund at PSX.”
Pakistan Development Fund had already been set up and the company was also approved by the government. Some world class institutions had shown their interest in this fund.
He was confident that the China-Pakistan Economic Corridor (CPEC) would be a source of socio-economic change in the region.
More projects like Karachi Circular Railways have been included in the CPEC, and the total amount has been enhanced to $54 billion from $46 billion.
The finance minister reaffirmed that there would be zero-load shedding by the end of 2018, as 10,000 MW would be added to the national gird up to March 2018.
He recounted his government’s achievements on social and economic fronts over the last three years.
