September 18, 2003	Thursday	Rajab 20, 1424

ISLAMABAD, Sept 17: Pakistan has engaged an international foreign fund manager of repute to help invest the country’s roughly $7 billion foreign exchange reserves in some profitable ventures.

Officials told Dawn here on Wednesday that Mercer investment company has been given the contract to find suitable and safe investment avenues for about $7 billion, out of the $11 billion in the country’s foreign exchange reserves currently.

Mercer and Russel are considered the two top international fund mangers who advise various countries on investing their foreign exchange surpluses.

The officials said South Korea, Singapore and Taiwan had invested billions of dollars in various profitable businesses which prompted Pakistan to also probe this avenue.

“The State Bank has no professional expertise and that is why the government has decided to contact Mercer company over the issue,” a source said, adding the country’s reserves were lying idle and needed to be utilized.