KARACHI: With an aim to strength the state’s foreign exchange reserves, Pakistan’s finance ministry has begun the process of issuing Eurobonds and Sukuk (Islamic bonds) worth $2 billion for five-year and 10-year periods.
The government of Pakistan intends to set up a Medium Term Note (MTN) Programme, covering both Eurobonds and international Sukuk for a period of one year initially.
Meanwhile, the finance ministry has invited financial institutions and advisors to work as finance division’s financial advisers for registering, structuring, launching, and executing the MTN programme.
It has further directed them to submit their technical and financial proposals to the finance division by October 14, 2019. In this regard, the finance division has planned to engage two consortia, each consisting of five financial institutions, for issuance of Eurobonds and international Sukuk under the programme.
In November 2017, Pakistan sold Sukuk bonds and Euro bonds worth $1.5 billion and $1 billion for a 5-year and 10-year periods, respectively.
