ECC approves launch of Islamic Sukuk bond to finance circular debt

January 29, 2019: Economic Coordination Committee has approved to launch Islamic Sukuk bond amounting to 200 billion rupees for payment of circular debt.

The meeting was chaired by Finance Minister Asad Umar held in Islamabad on Tuesday.

The bond will be issued through the consortium of Islamic banks.

The Ministry of Energy, Power Division gave a detailed presentation on the current situation of Circular Debt and the components that have contributed to its build up.

Moreover, the committee has decided to give profit to Punjab and KPK on electricity generated through hydel.

The committee approved the proposals of Ministry of National Food Security and Research for allowing the export of 0.5 million tons of surplus wheat and wheat products by Pakistan Agriculture Storage and Supply Corporation for which it had received tenders.

The decision was taken keeping in view the rising prices of wheat in the international markets, sufficient available stocks of about 1.7 million tons and the predictions of a good crop in the current crop season.

The Ministry of Information Technology and Telecommunications briefed the meeting on the annual budget of National Tariff Commission (NTC).

The Committee after discussion, directed the Ministry of ITT to address the management issues of the NTC on priority, in view of the unsatisfactory responses to the queries raised by members of the ECC.