The issuance of $2 billion sukuk bond was stopped due to Pakistan’s downgrade.
Sources in the Ministry of Finance say that the decision to issue sukuk bonds was delayed due to not being in the IMF program.
2 billion dollars worth of sukuk bonds were to be issued during the current financial year.
According to the sources, due to the difficult economic situation, higher profits will have to be paid to issue the bonds.
Sources say that due to low exchange rate and increasing burden of payments, high rate of interest cannot be given.
Sources added that due to the risk of default, the global market will not respond well.
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