ISLAMABAD: Finance Minister, Senator Mohammad Ishaq Dar returned home Sunday after successful launch of Sukuk in London, attending the Pak-Russia Inter-governmental Commission meeting and fruitful interaction with senior executives of prominent Russian companies at Moscow.
Pakistan successfully returned to the international Islamic bond market after nine years gap with the issuance of US dollar-denominated Sukuk notes under Reg-S/144a format.
The sukuk were five times oversubscribed as there were offers worth 2.3 billion dollars but Pakistan picked only a billion dollar. With the proceeds, the country's foreign exchange reserves are estimated to cross $14.1 billion and after the disbursement of $1.1 billion by the International Monetary Fund (IMF) expected in the second week next month, Pakistan is set to cross the $15 billion reserves barrier thus becoming eligible to benefit from the concessionary development lending window of the World Bank - International Bank for Reconstruction and Development.
It may be noted that the proceeds of the Sukuk will go to the State Bank and the rupee proceeds of an equivalent amount will be used for retirement of domestic debt, , said press statement issued by Finance Ministry here adding there won't be any increase in the overall debt.
At the Pak-Russia IGC held in Moscow on 26-28 November with Dar leading Pakistan team, both sides agreed on enhancing cooperation in trade, energy, agriculture, science, technology, defence and a host of other fields. At the conclusion of the meeting, both sides signed a joint statement, reiterating cooperation between the two governments, as well as, encouraging private entrepreneurs to boost bilateral trade, commensurate with existing potential.
Both the delegations also discussed cooperation in trans-national energy projects, including CASA-1000 and TAPI gas pipeline. Major Russian Companies in the energy sector including Technopromexport, Rostec-Global Resources, Rushydro International, Power Machines, Inter RAO, United Engine Corporation, and Stochinsky Institute of Mining have shown keen interest in cooperation with Pakistan.
The Finance Minister will address a press conference on December 2, Tuesday, sharing with media, important details of sukuk launch as well as the IGC meeting.
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