August 08, 2023 (MLN): The government is targeting to raise Rs11.09 trillion during the next three months (August-October) of FY24, through the auction of Market Treasury Bills (MTBs), Pakistan Investment Bonds (PIBs) Fixed Rate, PIBs Floating Rate, Government of Pakistan (GoP) Ijara Sukuk Fixed Rental Rate (FRR), and GOP Ijara Sukuk Variable Rental Rate (VRR).
Category
Target Amount (Rs)
MTBs
8.25 trillion
PIBs
2 trillion
GOP Ijara Sukuk VRR
510 billion
GOP Ijara Sukuk FRR
330 billion
Total
11.09 trillion
As per the auction calendar issued by the State Bank of Pakistan (SBP), the government plans to raise most of this amount through the sale of short-term government papers (MTBs).
Through the auction of MTBs, the government is targeting to borrow Rs8.25tr during Aug-Oct of 2024 as against the maturing amount of Rs8.905tr.
SBP plans to conduct six auctions of MTBs in the period of August-October 2023 to meet this target.
In the month of August, two auctions will be held on August 9, 2023, with a target of Rs450 billion, and on August 23, 2023, with a target of Rs2.25tr.
In the month of September, two auctions will be held on September 6, 2023, with a target of Rs1.95tr, and on September 20, 2023, with a target of Rs2.25tr.
In the month of October, two auctions will be held on October 4, 2023, with a target of Rs600bn, and on October 18, 2023, with a target of Rs750bn.
Additionally, SBP aims to raise Rs2tr through the sale of PIBs, which includes Rs480bn through the sale of PIBs Fixed Rate, Rs640bn PIBs Floating Rate Semi-Annual Auction, and an amount of Rs440bn each through the sale of 2-year and 3-year PIB (Floating Rate) Quarterly Auction.
Moreover, SBP plans to raise Rs510bn through the sale of GOP Ijara Sukuk VRR with a target of Rs510bn and through the sale of GOP Ijara Sukuk FRR with a target of Rs330bn.
