The Government of Pakistan has successfully raised $1 billion through the issuance of International Sukuk.
According to a press release issued by the Ministry of Finance, the transaction generated great interest, as leading global investors from Asia, the Middle East, Europe, and the United States participated in the order book.
The order books were oversubscribed as they peaked at US$ 2.7 billion. After careful consideration, the Government decided to raise US$ 1 billion, said the statement.
Proceeds of $1 billion Sukuk received! pic.twitter.com/x4Ol1kcvPj
— Muzzammil Aslam (@MuzzammilAslam3) February 1, 2022
This is the first issuance under the government’s newly established ‘Trust Certificate Issuance Programme’ and the first time that the government has issued International Sukuk with a seven-year maturity. The program will allow Pakistan to tap the market at short notice. The government intends to make full use of this program and become a regular issuer of Sukuk in the International Capital Markets.
The transaction’s success is believed to be a testimony to the investors’ confidence in the country’s economic revival and long-term stability and growth.
