KARACHI: Pakistan’s Caretaker Prime Minister Anwaar-ul-Haq Kakar said on Friday that the investors had regained confidence after the successful signing of a standby deal with the International Monetary Fund (IMF), the execution of the annual budget 2023-24 and improvement in the fiscal and external accounts.
PM Kakar, addressing the ceremony marking the first auction of the Government Ijarah Sukook bonds issued by the Pakistan Stock Exchange (PSX), said it was the collective responsibility of the stock brokers, SECP, and other participants to promote next primary market auctions to present it as a massive achievement for the whole market ecosystem.
He congratulated all the stakeholders on the auction of the Government Ijarah Sukook through PSX, instead of the State Bank of Pakistan (SBP), which was aimed at simplifying the participation in government securities auction, enhancing transparency, and diversifying the investors’ base.
He appreciated the market participant for their interest in the auction through PSX, especially the participation of the retail market.
He told the gathering that the stock exchange was a dynamic force and a heartbeat that resonated with the aspirations of business and progress.
The premier, who later rang the gong of the stock exchange, said it did not only herald the market transactions but also a symphony of development and prosperity.
He said that the gong’s echoes reverberate not only within these walls but across the financial corridors of the country, symbolizing our commitment to fostering a robust and inclusive financial ecosystem that appreciates diverse voices and promotes economic prosperity for all.
Pakistan’s economy back on track
He said initially, Pakistan’s economy faced multiple challenges at the start of the new fiscal year, but the government addressed structural and macroeconomic problems to rectify the situation.
He said the all stakeholders’ collective efforts had successfully brought the economy back on track, resulting in a lower dollar rate from 307 on 5 September 2023 in the interbank to 284 today which also led to a decline in inflation.
