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Imran Khan rejected the F-9 park mortgage summary
The reason behind the mortgaging of F-9 Park Islamabad was to get the loan of Rs 500 Billion for issuing an international-dominated Ijara Sukuk bond. It was reported that asides from F-9 park Islamabad, Islamabad Expressway, and Allama Iqbal International Airport Lahore are also put as a guarantee for launching the Islamic-denominated Ijara Sukuk bond.
The news of mortgaging the national assets and especially the recreational places had fabricated restlessness in masses around the country. Also, mayor Islamabad announced to see court against the decision. Top Indian media also reported the F-9 park mortgaging news with inciting captions.
After receiving backlash from the masses, Imran Khan has rejected the suggestion of putting F-9 park for mortgage against the loan. Today in a meeting, Imran Khan rejected the proposal of mortgaging F-9 park Islamabad. Also, other national assets should not be mortgaged, Imran Khan added.
The people showed concerns about the mounting loans against airports, power stations, and now the parks as soon as the news surfaced on media. With a large approx. 759-acre land F-9 or Fatima Jinnah Park is the largest park of Islamabad, capital of Pakistan. F-9 park is close to Centaurus Mall, & Faisal Mosque on the foothills of Maragalla hills.
Earlier a statement from Finance Ministry said on Sunday said, “The federal government assets such as Islamabad Expressway, Allama Iqbal International Airport, and F-9 Park have been identified, in consultation with experts in Islamic finance, as good potential candidates for Sukuk structures.”
In a bid to avoid financial limitations and to guarantee budget support, the federal government proposed to issue domestic and international Ijara Sukuk against the unencumbered land of F-9 Park Islamabad. The next federal cabinet had to decide in this regard. To support the ailing economy, the government had planned to mortgage the F-9 park which is named after Fatima Jinnah, the younger sister of Jinnah.
In the federal cabinet scheduled held on January 26, Imran Khan rejected the summary of mortgaging F-9 park.
A final decision “Issuance of Domestic and International Ijara Sukuk against Unencumbered Land of F-9 Park, Islamabad” is taken.
Earlier CDA has issued of No Objection Certificate (NoC) for this.
According to media sources, the government has decided to issue Sukuk or Islamic bonds for budget support. It'll also avoid financial constraints. The domestic and international Ijara Sukuk bonds had to issue for 750 acres of land of the said F-9 Park of the federal capital.
On the other side, A consortium including three banks has been established for issuing domestic and international Ijara Sukuk bonds.
The government of Tehreek-e-Insaf (PTI) first time going to launch an international Sukuk bond. Earlier many governments have taken loans against national assets.
The government had put the Jinnah International Airport Karachi and power distribution companies as warrants for launching domestic Sukuk bonds last year. The government has processed for launching Eurobond to fetch another $1 billion. The initiatives are taken by the hired advisors that government should launch an international Sukuk bond as well.