ISLAMABAD, Feb 18: Finance Minister Shaukat Aziz Wednesday said that Pakistan was on the path of reducing its debt burden. He said that Pakistan had prepaid an expensive loan of $1.1 billion to Asian Development Bank and this year the country would pre-pay another $1 billion expensive debt.

The finance minister stated this after inaugurating an Investment House here at Islamabad Stock Exchange premises on Wednesday. The Chief Executive Officer (CEO) of Investment House Investment Forum (Pvt) Ltd, a Corporate Member of Islamabad Stock Exchange, Iqbal Farid and Chairman of the exchange Iqbal Pasha also spoke on the occasion.

A large number of the members of business community from the twin cities of Rawalpindi and Islamabad also attended the ceremony. Shaukat Aziz said that the Securities and Exchange Commission of Pakistan (SECP) was actively working on a reforms agenda including the demutualization of stock exchanges for broadening the distribution of shares.

"We still need to broaden the distribution of shares and do in a way that it becomes an intelligent alternative to savings," the finance minister stated. The finance minister also emphasised the need for development of mutual funds, asset management system and educating people about the benefits of investment on the stock exchanges.

Finance Minister Shaukat Aziz lauded the efforts of Mian Iqbal Farid for promotion of Investment house and capital market in the country. While highlighting the economic situation of Pakistan, he said that macroeconomic situations were looking good and prospects were very exciting.

The Finance Minister said that for the current financial year the growth target was 5.3 per cent and hoped that the government would comfortably exceed it. For next year he said, "We are looking at 6 per cent growth range because of tremendous activity in the economy in the country."

Shaukat Aziz said that machinery imports were up over 35 per cent in last month which was a sign of big economic activity and confidence in the country. He said this would create more jobs in the country. -APP