Pakistan raised $1 billion from the international Islamic bond market yesterday by selling its Sukuk papers at 6.75 per cent profit rate.
With the proceeds, the country’s foreign exchange reserves are estimated to touch $14.1bn on Dec 1. And after the disbursement of $1.1bn by the International Monetary Fund (IMF) expected in the second week next month, the country is set to cross the $15bn reserves barrier and will be eligible to benefit from the concessionary development lending window of the World Bank — International Bank for Reconstruction and Development.
“Pakistan successfully returned to the international Islamic bond market with the issuance of US dollar-denominated Sukuk notes under Reg-S/144a format (a regulatory requirement of US law),” said an official statement.
The last international Sukuk was issued nine years ago.
Prime Minister Nawaz Sharif immediately, in a message from Kathmandu, congratulated Finance Minister Ishaq Dar on the successful launch of Sukuk, the statement said.
