ISLAMABAD: Adviser to Prime Minister on Finance and Revenue, Dr Abdul Hafeez Shaikh has said that for the first time, the government has raised 200 billion rupees through Sukuk at less than KIBOR rate through competitive book binding at Pakistan Stock Exchange.
In a tweet, he said the move saved 18 billion rupees over 10 years on debt servicing adding that the transactions were oversubscribed by 70 percent.
The adviser lauded the excellent team effort of Ministry of Finance Debt Office, Securities and Exchange Commission of Pakistan, State Bank of Pakistan and Pakistan Stock Exchange.
On May 19, Adviser to Prime Minister on Finance, Dr Abdul Hafeez Shaikh had said the government would not introduce any new tax in the upcoming budget to facilitate the industrial sector.
“The government would have to do work hard in coming days to reduce the budget deficit to nine percent,” he had said while talking to a private news channel.
He had said the negative impact of coronavirus was also affecting our national economy like other countries and the government was trying to reduce its expenditures by adopting austerity measures.