KARACHI - Governor State Bank of Pakistan Dr. Shamshad Akhtar said on Thursday that in order to support the efforts to diversify the borrowings mix, the Government and the State Bank are working to launch the first Government of Pakistan Ijara Sukuk in the first week of the holy month of Ramazan. "This will not help deploy the liquidity available with Islamic Banks but also help the Government to diversify its debt," she said and added that given the growth in the Islamic Banking Industry, Shariah-compliant Government securities are imperative to bring the Islamic banks parallel to their conventional counterparts in terms of instruments available for liquidity management. In a press statement Wednesday she said that the Government and the central bank are taking several measures to improve the macroeconomic situation which has been adversely affected as a consequence of various global events such as sizing up to financial markets in the U.S. and Europe or escalating commodity and fuel prices in the international market. Dr Akhtar said that eventual uniformity of regulatory reserves of Islamic banks with that conventional bank is also essential for ensuring stability of financial/banking system. The SBP has urged the Islamic Banks to aggressively mobilize new deposits and play their role in bringing incentivized through introduction of minimum deposit rate and easing of reserve ratios to mobilize more aggressively long term resource mobilization to be able to meet the growing and diverse requirements of the economy.   She said that the federal Government and the central bank are working in tandem to restore macroeconomic stability. "The timing of this global development should not have been worse. Not only was our economy's business cycle maturing after a strong and resilient performance but the socio-political set-up was also undergoing a transitional phase, she said and added that a combination of these element would put the resolve of any government to test and Pakistan is no exception. Dr. Akhtar said that there has been a 350 basis point cumulative increase in interest rates since July 2007 which has been accompanied by appropriate market-led exchange rate adjustment in the wake of the balance of payments challenges. The Government has further assured of its resolve to curtail fiscal deficit- a critical element of the macroeconomic stabilization program, and to strive to ensure net zero central bank borrowings for each quarter with a view to achieve these objectives, fiscal tightening is being pursued through a combination of measures ranging from recurrent expenditure controls, removal of subsidies and rationalization and prioritization of development expenditures. She said and added that the early indication is that revenue growth is above expectations for the current fiscal year. Referring to financing plan for meeting the budget and external sector requirements of the federal Government, Dr. Akhtar said that the Government plans to selectively privatize some assets and has been I dialogue with International financial institutions to meet the financing gap." Advanced is the discussion with Asian Development Bank which has negotiated a $500 million program for accelerated economic transformation that focuses on supporting financial sector reforms among others," She said and added that in parallel, the World Bank has reassured its support for fast tracking investment programming of close to $ 1 billion which is focused on high priority development projects.