ISLAMABAD, May 7: The price of Pakistan EuroBonds has risen from $0.60 to $1 between December 1999 and May 7, 2002 — an increase of 67 per cent, claims an official announcement on Tuesday.

The price of these bonds had been rising constantly in the international bond market and for the first time these bonds were being quoted at par.

Pakistan government issued EuroBonds amounting to $620 million in November 1999 as part of debt restructuring agreed with Paris Club. They carry an interest rate of 10 per cent and are repayable in four equal instalments starting December 13, 2002.

The rise in the price of Pakistan EuroBonds reflects the growing confidence of the international bond market in the economic management of the country and the strength of Pakistan’s economy.

Additional Secretary and the Spokesman of the Ministry of Finance Dr. Waqar Masood Khan when contacted said that since maturity period of these bonds nearing completion, it was good to see the improvement in their price.

Asked whether the government further planned to issue more EuroBonds, he said currently there was no need for it as foreign exchange reserves have reached to over 5.3 billion dollars.

“We do not need to issue more bonds,” he said adding that Pakistan reserves were like to be 6 billion dollars soon and that the country external side was well secured. He said that EuroBonds were trading at par and involved no risk.