Pakistan plans to raise as much as $1.5 billion by issuing internationalIslamic bonds in October, a national daily reported.
A Pakistan Tehreek-e-Insaaf official said that “preparations are underwayfor launching fresh Islamic Sukuk bond to generate $1 to $1.5 billionwithin next one and half month period”.
The government intends to float a $1 to $1.5 billion bond by end of Octoberor early November, and then issue additional bonds worth $1 billion to $1.5billion in the second half of FY 2022.
The report stated that the government will pledge asset-backed guaranteesin the form of the Lahore and Islamabad international airports, as well assome parts of the motorway. This will take place after the government paysback $1 billion as the principal amount of a Sukuk bond on 13 October 2021on the completion of its five-year maturity.
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The Ministry of Finance has already secured No Objection Certificates(NOCs) from the Ministries of Aviation and Communications. Similarly, thefederal Cabinet and the Ministry of Law have approved the issuing ofinternational bonds over the next 12 months.
The government also plans to issue domestic Sukuk bonds over the next fewmonths.
