Government to Float Sukuk Bonds to Support Budget Deficit

Federal Minister for Information Fawad Chaudhry revealed in Islamabad that the federal government has chosen to issue Sukuk Bonds to mortgage National Highways and three airports, according to news agencies.

The objective is to raise funds to support the budget deficit, reduce interest expense, and advance Islamic Banking (IB).

The federal cabinet has reportedly approved the government’s decision to mortgage various parts of highways and other national assets for large-scale borrowing through the issuing of Sukuk bonds. The following are the specifics of the national assets that will be pledged as collateral:

Islamabad Expressway
Islamabad-Peshawar Motorway
Pindi Bhattian to Lahore highway segment
Lahore International Airport
Airport of Islamabad Airport of Multan

According to the sources, the interest rate on Sukuk bonds is lower, resulting in extra savings.

Historically, the government mortgaged F-9 Park and the Islamabad Club. However, due to protests from many sectors of society, the proposal was abandoned. Alternately, some sections of motorways and three major airports might be mortgaged.

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