PTI government mulls yet another option to steer country out of financial woes
ISLAMABAD - PTI government is mulling yet another option to recover the country out of the financial crisis.
To finance the burgeoning power sector’s circular debt, the government is mulling to float 10-year privately placed sukuk bonds for raising Rs200 to Rs300 billion.
Sources privy of the developments said the issuance of the sukuk will be done via a privately placed process and be promoted privately to qualified investors like mutual funds and Islamic institutions, reports *The News.*
Six Islamic banks would be enlisted to manage the transaction, with Meezan Bank likely to act as lead arranger, the source said.
According to the source, the finance ministry officials and representatives of Islamic bank held a meeting on Tuesday in Islamabad to broker the terms and conditions for the probable issuance of the sukuk.