$500m Sukuk bonds sale, $1.1b IMF loan to take foreign reserves to $15b: Dar

Pakistan's Finance Minister Ishaq Dar has said that foreign currency reserves will be increased up to $15 billion till December 31 this year through selling Sukuk bonds worth $500 million as IMF has also nodded to give $1.1 billion installment. Ishaq said the government would first hold roadshows and then float sukuk in the Middle East and Europe between November 21 and 24. He claimed to achieve $15 billion target till the end of this year. He said that the government would increase the size of Sukuk bond from $500 million to $1 billion after observing the investors' interest. Pakistan's foreign currency reserves stood at $13.443 billion on October 31, 2014, including $8.618 billion reserves held by the State Bank of Pakistan and $4.825 billion reserves held by the commercial banks.