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Last Updated : Jan 29, 2019 03:30 PM IST | Source: Reuters

Pakistan to launch 200 billion rupee Islamic Sukuk to ease power sector debt

The government has been falling behind on payments to electricity providers and distribution companies, accumulating arrears that were threatening to seriously disrupt electricity generation in a nation still grappling with shortages.

Representative image
Representative image

Pakistan has approved the launch of a 200 billion rupee ($1.44 billion) Islamic Sukuk to help pay off arrears building up in its troubled power sector, state-run Radio Pakistan said on its website on January 29.

The approval came from the Economic Coordination Committee, chaired by Finance Minister Asad Umar. "The bond will be issued through the consortium of Islamic banks," Radio Pakistan said.

The government has been falling behind on payments to electricity providers and distribution companies, accumulating arrears that were threatening to seriously disrupt electricity generation in a nation still grappling with shortages.

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($1 = 138.6000 Pakistani rupees)

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First Published on Jan 29, 2019 03:17 pm
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