In his policy statement, the minister said that it was unprecedented that a large number of foreign investors along with the local investors also participated in the bidding process. The Minister also informed that
Cabinet Committee on Privatizationin its meeting held on Thursday allowed the Privatization Commissionto proceed on the transaction.
He said that first transaction of the UBL was made in 2002 when the government off-loaded its 51 percent shares worth of
The minister added that within 7 working days, the amount would be included in the country's foreign reserves.
Ishaq Daralso informed the House that the country's foreign reserves have reached to US$ 13.52 billionincluding $8.6 billionwith State Bank of Pakistanand $4.9 billionwith commercial banks. He expressed the hope that by June 30this year, the country's reserves would cross $14 billionand the SBP reserves would cross $9 billionwhereas commercial banks' reserves would cross $5 billion.