Second Pakistan energy sukuk worth Rs200bn launched to pay circular debt.
LAHORE -- The Pakistan Tehreek-e-Insaf (PTI) government is all set to launch the second Pakistan Energy Sukuk worth Rs200 billion next week (June 24-30), in order to clear the circular debt which currently stands at Rs1.4 trillion.
The government of Pakistan earlier in March 2019, launched the first energy Sukuk worth Rs200 billion to ease the growing circular debt which grew from Rs1.14 trillion to Rs1.4 trillion since the PTI government took charge. A third-round of Pakistan Energy Sukuk is likely to be launched later on in July-August as well. However, the recent increase in tariff and another hike expected shortly after are likely to completely eliminate the circular debt towards the end of 2020.
The government has taken this step as the country faces a severe risk of energy shortage if the Independent Power Producers (IPPs) are not paid by June 28, since the IPPs risk not having enough working capital to supply electricity to the national grid.
According to sources within Meezan Bank, the bonds will be sold to the Islamic Banks, Mutual funds, Takaful companies and Islamic...
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