*KARACHI. **Pakistan government is all set to launch Sukuk Islamic bondsworth Rs 200 billion, media has reported.*
The government of Pakistan is all set to raise debt worth Rs200 billionfrom Islamic banks next week to partially pay off dues of energy firms onaccount of circular debt as further delay in payments is feared to triggernationwide power outages.
“If the government fails to (partially) clear dues of independent powerproducers (IPPs) by June 28, it is feared they will face shortage ofworking capital and it will not be possible for them to produce and provideelectricity to the national grid,” a source said.
“The Ministry of Energy is scheduled to issue the second Pakistan EnergySukuk (Islamic bond) of Rs200 billion next week to help the IPPs come outof the financial crisis,” he added.
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“A consortium of around 15-20 full-fledged Islamic banks, Islamic assetmanagement companies like mutual funds and Islamic banking windows atconventional banks are set to invest in the Sukuk,” Meezan Bank ProductDevelopment and Shariah Compliance Senior Executive Vice President AhmedAli Siddiqui confirmed to *The Express Tribune*.
“The Sukuk is scheduled to be launched next week (between June 24-30),” headded. Meezan Bank is the lead manager of the Sukuk issue.
