ISLAMABAD: Adviser to PM on Finance Dr. Abdul Hafeez Shaikh on Wednesday expressed that the government has raised Rs 200 billion through Sukuk at less than KIBOR rate for the first time.
In a tweet, Dr. Abdul Hafeez Shaikh said that the move saved Rs 18 billion over 10 years on debt servicing.
First time, Govt raised Rs 200 billion through Sukuk at less than KIBOR rate, through competitive book building at PSX, saving Rs 18 billion over 10 years on debt servicing. Transaction oversubscribed by 70%.
Excellent team effort of MOF Debt Office, SECP, SBP and PSX.— Dr. Abdul Hafeez Shaikh (@a_hafeezshaikh) May 19, 2020
He further wrote that the transactions were oversubscribed by 70 percent. The adviser lauded the excellent team effort of the Ministry of Finance Debt Office, Securities and Exchange Commission of Pakistan, State Bank of Pakistan, and Pakistan Stock Exchange.
Earlier on Tuesday, he directed to fully facilitate the investors to attract more investment to the country to boost up the pace of development. Shaikh was talking to Chairman Board of Investment Atif R Bukhari in Islamabad.
The Chairman Board of Investment discussed with the Adviser the investment prospects available in the country and the areas where foreign investors could show interest and make investments leading to overall economic development and an increase in the GDP growth rate.
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