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Web Desk — In accordance with the IMF staff-level agreement, the government has decided to issue an Islamic Sukuk Bond to earn $1bn by pledging a portion of Motorway (M1).
The News quoted an official as saying that the Ministry of Finance was seeking a No Objection Certificate (NOC) from relevant quarters and that it was expected that Sukuk Bonds for around $1 billion would be issued next week, probably on Monday.
It has now been decided that the fresh Sukuk Bonds would be launched shortly after striking a staff-level agreement with the IMF in the hopes of getting a ‘favorable’ deal in the form of competitive mark-ups on offered amounts from potential investors.
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As part of the Sukuk Bond launch, the government has decided to pledge the M-1 portion from Islamabad to Chakwal as an asset back guarantee.
To launch the Sukuk Bond, the Ministry of Finance already had a No Objection Certificate (NOC) from the Ministry of Aviation and the Ministry of Communications related to airports and portions of motorways.
An approval has already been granted by the federal cabinet to issue international bonds for a period of 12 months.
