Federal Finance Minister Ishaq Dar, addressing a ceremony marking Pakistan’s return to the international Sukuk (Islamic bonds) market on Wednesday, said the country’s sale of $1 billion worth of Sukuk bonds shows investors have reposed trust in the economy.
Pakistan sold its Sukuk bonds estimated at around $1 billion in the international market, amid overwhelming response from foreign investors.
Ishaq Dar said the bonds have been initially priced at 5.75 per cent. The bookings from investors were valued at 2.4 billion dollars.
He said, “The decision to price the bonds at the lower level was taken in the country’s best interests, despite recommendations to the contrary.”
“Pakistan has been achieving all of its economic goals since the past three years,” he added.
He said, “The country’s growth would be increased by 5 percent this year.”
The bonds will mature in 2021 with 5.5 per cent rate of return. The country is expected to receive the one-billion-dollar amount on October 13.
