Dar clarifies his position on 2015 Euro bonds issue

LONDON: Former finance minister Ishaq Dar has dispelled the impression that any illegality or misappropriation had taken place in issuance of $500 million Euro bonds in 2015.

In his rejoinder to misgiving about issuance of bonds, he said the bonds were floated after going through the due legal process in a transparent way adding that the Ministry of Finance and Law Ministry were involved in the whole matter and it was fully vetted by the legal adviser.

Referring to a TV channel program circulated through the social media, Dar said three leading international banks had jointly managed the issuance process.

The Euro bands were floated in 2015 in order to get matured those bonds issued earlier in 2006. Virtually it helped raise the foreign reserves to dollar 24 billion.

The Government of Pakistan at that time utilised it for repayment of old loans and managing domestic commercial loans as well, he added. He further clarified that no Pakistani resident abroad was entitled to buy these bonds.

The misgivings were created through the media in order to defame the country in the international market, he contended. To dismiss the allegation, Ishaq Dar said he had also issued a written statement.