KARACHI, Dec 27: Finance Minister Shaukat Aziz on Saturday said that Pakistan would pre-pay $1 billion to international credit agencies next month and raise $500 million through Euro bonds in the next quarter.

Addressing the first annual general meeting of World Memon Organization (WMO) here on Saturday, he said the money to be raised through Euro bonds would be spent on debt servicing and development of infrastructure.

“We are at the brink of conclusion of IMF programme and the country no longer goes out with a begging bowl,” he said while narrating the economic achievements during the last four years of Pakistan.

Referring to the international reports, he said that during 2004, Pakistan has been declared as ‘happening economies’ in the Asian region.

“It is for the first time in our history that the country has achieved significant macroeconomic stability,” he said.

He said the GDP was rising tremendously and was 5.3 per cent this year and hopefully Pakistan would exceed its GDP targets.

The inflation was low, balance of payments was in surplus, reserves at $12 billion level, exchange rate was stable and stock market was performing as one of the best in the world.

About the confidence of investors, he said that the OGDC shares were over-subscribed six-time and final bidding for Habib Bank Ltd (HBL) was being held on December 29.

Shaukat Aziz said that in the second generation of reforms, government has four priority areas. It includes greater role of private sector, more focus on human development, major up-gradation of physical infrastructure, and strengthen governance in devolution, civil services, police and judiciary.

About the investment opportunities in the country, he said a gigantic Gwadar port development project has been initiated by the government.

Moreover, Shaukat Aziz said an airport was also being constructed at Gwadar and the coastal highway which was also in final phase of construction. “All these projects are expected to complete by the end of next year,” he said and called upon the business community to take the opportunity and set up industries and joint venture projects to grab the potential central Asian markets.

Highlighting the role of Memon community in nation-building, Finance Minister said the community played a critical role during the Pakistan Movement and on the call of father of the nation, Quaid-e- Azam Mohammed Ali Jinnah, they played a leading role in building an industrial base.

“There are no two views that Pakistan’s initial industry, commerce, banking and finance would not have taken off had it not be untiring efforts of Memon community,” he said.

Aziz said that this community was again playing a leading role by entering into fields like electronic media, information technology, telecommunication, fashion designing and global marketing of high branded products.

Addressing the members of Memon community, Sindh Governor, Dr. Ishratul Ibad Khan also praised the role of the community in the society.

“Memons have been in the forefront of economic development of Pakistan,” he said.

The Governor also appreciated the community for its welfare-oriented projects related to housing, health, education and running of charitable trust.

He hoped that the community would further re-double its efforts in socio-economic development of the country.—APP