Pakistan to Raise Funds Abroad Amid Political Strife
P akistan plans to raise $500 million in the next 12 months through bonds aimed at Middle East investors as a debt sale in other overseas markets would be too expensive central bank Governor Syed Salim Raza said. “The credit default swap rate for Pakistan is still high so to go to cold nosed commercial markets wouldn’t suit us ” Raza 63 who worked for Citigroup Inc. for 36 years in the Middle East Africa and Europe said in an interview. “But there are a number of countries in the region who understand Pakistan’s politics very well.” Raza who took over as governor on Jan. 2 is seeking to revive Pakistan’s faltering economy as political tensions distract the government from tackling slowing growth and worsening security. President Asif Ali Zardari’s hold on power was weakened yesterday when he relented to pressure from opposition leader Nawaz Sharif and reinstated judges fired under military rule in 2007. “The state of global financial markets will decide w...