ISLAMABAD (Roze news) – Ostensibly, it seems federal government has launched bonds of Rs40, 000 denomination for multiple motives as Dar-led financial team seems out of money for next federal budget while installments of loan are still pending.
Analysts believe this move is aimed at tapping cheap source of budget financing which will also address concerns of whitening money through old traditional prize bonds. This situation highlights that government is tackling with huge financial problems like debt payments and soaring trade deficit.
The first prize of the bond is Rs80 million, whereas after six months profit on the bond will also be paid to the holders. Corrupt elements are likely to benefit from issuance of these bonds as government is inching forward to ink an agreement with Swiss authorities.
Economic expert Dr. Qais Aslam said no invest has scope to offer double profit in tenure of just six months. Aslam said Pakistan is expected to issue Rs15 billion in terms of loan by June-2017.
Government is likely to get huge money with issuance of Rs40,000 bonds for budget while it will also protect black money, Aslam added.