Daily Times

Former Finance Minister Ishaq Dar has dispelled the impression that any illegality or misappropriation took place in issuance of Euro bonds worth dollar 500 million in 2015.

In his rejoinder to misgiving regarding bonds’ issuance, he said the bonds were floated after going through the due legal process in a transparent way. Ministry of Finance, State of Pakistan and Law Ministry were involved in the whole matter and it was fully vetted by the legal adviser. Referring to a TV channel program, circulated through social media, Dar said three leading international banks had jointly managed the issuance process.

The Euro bands were floated in 2015 in order to get matured those bonds issued earlier in 2006. Virtually, it helped raising the foreign reserves to dollar 24 billion. The government of Pakistan that time utilized it for repayment of old loans and managing domestic commercial loans as well, he added. He further clarified that no Pakistani resident abroad was entitled to buy these bonds. The misgivings were created through the media in order to defame the country in the international market, he contended.

To dismiss the allegation, Ishaq Dar said he has also issued written statement.