- Government launched Pakistan Energy Sukuk worth Rs. 200 billion to partially settle Circular Debt
Government of Pakistan last week issued Pakistan Energy Sukuk worth Rs. 200 billion to partially settle Circular Debt which reached Rs. 1.2 trillion.
The amount raised through
Pakistan State Oil received Rs. 60 billion out of the Sukuk to settle its outstanding receivables from the Government and its related companies.
A notice to the exchange was posted which highlighted that payment was received after closure of the day on 1st March 2019. The notice also highlighted that Amount received will be utilized to reduce the borrowing from the bank.
At December-2018 end, Pakistan State Oil has Rs. 236 billion outstanding in receivables.