PM Kakar launches Sukuk Bond auction at PSX


Sukuk bonds

ISLAMABAD: Caretaker Prime Minister Anwaar-ul-Haq Kakar has declared that the collective efforts of all stakeholders have successfully brought the economy back on track.

PM Kakar expressed these views while addressing a ceremony marking first auction of the Government Ijarah Sukuk Bond issued by the Pakistan Stock Exchange on Friday.

PM said the investors have regained confidence after successful signing of a standby agreement with the International Monetary Fund, execution of annual budget 2023-24 and improvement in fiscal and external accounts.

He congratulated all stakeholders on auction of the Government Ijarah Sukuk through PSX. He also lauded current performance of Pakistan Stock Exchange and said that it has an important role in national economy.

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Kakar said initially, Pakistan’s economy faced multiple challenges at the start of 2023-2024, but the government addressed structural and macroeconomic issues to rectify the situation. He said the bullish sentiment in the stock exchange become possible by an improved economy, the participation of foreign investors, a high yield, and a stable exchange rate.

Kakar reiterated the government’s commitment to fostering an environment that nurtured the resilience of the capital market, recognizing its critical role as a stabilizing force that absorbed shocks and steered the economy toward stability. He also called for making efforts to build a capital market that reflects economic strength.

Addressing the ceremony, Caretaker Finance Minister Shamshad Akhtar welcomed the Prime Minister to launch Government Sukuk Auction through Pakistan Stock Exchange.

She said the Ijarah Sukuk is a monumental and innovative product being launched for first time beyond the State bank which has total control over government securities.

The Prime Minister, also rang the gong of the stock exchange said it did not only herald the market transactions, but also a symphony of progress and prosperity.

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