Islamabad: Federal Minister for Information Fawad Chaudhry on Tuesday announced that the federal government has decided to mortgage National Highways and three airports by issuing Sukuk Bonds, news sources reported. The move is aimed at raising money to support the budget deficit, save interest cost and promote Islamic Banking (IB).
According to the details, the government’s decision to mortgage various sections of motorways and other national assets for large-scale borrowing through issuance of Sukuk bonds has been approved by the federal cabinet. The details of the national assets collateral to be mortgaged is as follows:
The sources have reported that the interest rate is lower on Sukuk bonds that will save additional money.
Previously, the government chose to mortgage Islamabad’s F-9 park and the Islamabad Club. However, due to outcry from various parts of society, the idea was scrapped. The alternate option is to mortgage certain portions of the highways and three major airports.
Nauman Ahmad is an imaginative Pisces whose love for literature and nature is unparalleled. When he's not reading or hiking, he's sleeping and eating, which gives him plenty of energy for his next adventure.
