Wednesday, August 10, 2022

Pakistan invites proposals to float Sukuk, Eurobonds

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ISLAMABAD: Pakistan is all set to float Sukuk and Euro bonds for a period of one year in an attempt to meet its financing needs and build the foreign reserves of the country.

The country is entering in the international bonds market after two-and-half year as previously it had issued 2.5 billion dollars bonds in Year 2017-18.

The finance ministry has invited financial institutions to submit their proposals to work as financial advisers, for the registration, structuring, and execution of the programme.

The intending institutions would have to submit their technical and financial proposals in two separate envelopes by October 14.

The ministry of finance wants to hire the services of two separate consortia for the Eurobonds and Sukuk.

The consortium for the Eurobonds will comprise five conventional banks and it will assist in the issuance of the bonds.

The second consortium, which will assist in the issuance of Sukuk, will have five financial institutions including at least two Islamic financial institutions.

The government plans to raise $3 billion by floating Sukuk and Eurobonds.

Pakistan’s financing requirement for the current account deficit has started going down but the government still need around $8 billion in this fiscal year to fill the financing gap.

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