Cabinet approves issuance of Ijara Sukuk bonds.

ISLAMABAD -- The Federal Cabinet on Tuesday approved issuance of the Ijara Sukuk bonds in the domestic and international markets to support the government's budgetary position and promote Islamic banking industry in the country.

Addressing a press conference after the cabinet meeting chaired by Prime Minister Shehbaz Sharif, Minister for Planning, Development and Special Initiatives Professor Ahsan Iqbal said the information regarding assets and other details about the programme would be available on the website of Finance Division soon.

Flanked by PM's Advisor on Kashmir Affairs Qamar Zaman Kaira, he said the cabinet also discussed the matter of shortage of edible oil in the country and acknowledged the efforts of minister for industries and his team for setting sail an edible oil ship from Indonesia for Pakistan.

He said the prime minister thanked the Indonesian president, and congratulated the industries minister, who went to Indonesia himself and talked to the Indonesian president in that regard.

As regards the Financial Action Task Force (FATF), Foreign Minister Bilawal Bhutto Zardari and Minister of State for Foreign Affairs Hina Rabbani Khar briefed the cabinet that Pakistan had met all the requirements of the FATF and hoped that soon after the visit of FATF team to Pakistan, the country would be out of the grey list.

The cabinet observed that after coming out of the grey list, international trade and other restrictions would be completely eased out and Pakistan would be able to expand its trade across the world.

It was informed that in 2019, the army chief had formed a core cell, which played a vital role in coordinating the institutional and ministerial efforts to complete the FATF's action plans.

The cabinet observed that while sitting in the opposition, the present coalition government parties also played a key role in the legislation process regarding the FATF matters.

The prime minister directed all his cabinet members to acknowledge and praise all the institution concerned as it was not possible without collective efforts.

As regards the Urea fertilizer, the prime minister directed to ensure its supply to the farmers on priority, and if there was any shortage, efforts should be expedited to import the fertilizer from the friendly countries, especially China.

The PM observed that the world over, all the supply chains of commodities such as wheat, coal, and oil were badly disrupted due to the Ukraine-Russia war...