ISLAMABAD: Pakistan has raised $1 billion with a 7-year sukuk, offering an interest rate of 7.95 percent, the highest return the South Asian nation has ever paid on an Islamic bond, a finance ministry official said on Tuesday.
The issuance comes at a time when Pakistan’s gross foreign reserves have fallen to nearly $17 billion from $19 billion in the past two weeks due to debt repayments.
Ministry spokesman Muzammil Aslam said international debt markets worldwide had suffered shocks since December due to expected increases in interest rates in the United States and Europe.
“So given the situation, we have got the good deal in this uncertain time,” he told Reuters.
Pakistan sees foreign funds inflows as critical given that its external account deficit has widened on back of soaring global commodity prices — in particular oil, which makes up about a third of the country’s payments.
Foreign exchange reserves are also a key buffer to stabilize the rupee. Pakistan only last year adopted a market-based exchange rate, resulting in a sharp depreciation of the rupee.
An IMF review board is meeting on Jan. 29 to approve a $1 billion tranche of a $6 billion loan signed with Pakistan in 2019.
The last sukuk Pakistan issued was a five-year sukuk in 2017 at a rate of 5.6 percent.
Pakistan raises $1bln, offers highest-ever rate for a sukuk of 7.95%
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Pakistan raises $1bln, offers highest-ever rate for a sukuk of 7.95%
- The issuance comes at a time when Pakistan’s gross foreign reserves have fallen to nearly $17 billion from $19 billion in the past two weeks
- An IMF review board is meeting on Jan. 29 to approve a $1 billion tranche of a $6 billion loan signed with Pakistan in 2019
PCB sets Feb. 11 as date for player auction for Pakistan Super League 11th edition
- The squad composition would be a minimum of 16 players and a maximum of 20
- The number of foreign players would be five to seven depending on the squad size
ISLAMABAD: The Pakistan Cricket Board (PCB) on Sunday announced that the player auction for the 11th edition of the Pakistan Super League (PSL) will be held on Feb. 11, setting the stage for franchises to begin assembling squads for the country’s premier Twenty20 tournament.
The development came after a workshop regarding PSL player auction at the Qaddafi Stadium, which was presided over by PCB Chairman Mohsin Naqvi and PSL CEO Salman Naseer.
The workshop was attended by PSL officials, all eight franchise representatives, members of Pakistan’s T20 World Cup squad, PCB officials and other capped players.
“The HBL PSL management shared a detailed presentation on the mechanics of the retention and the auction process and consulted with all the participants,” the PCB said.
“It was agreed that the HBL PSL player auction will take place on Wednesday, 11 February.”
The squad composition would be a minimum of 16 players and maximum of 20 players per franchise. The number of foreign players would be five to seven depending on the squad size, according to the PCB.
It would be mandatory for the franchises to play minimum of three and maximum of four foreign players in the playing XI. The teams are also required to have minimum of two uncapped Under 23 players in the squad and one in the playing XI.
Players either retained or picked in the auction will be engaged for two-year contracts with their respective franchise teams, the board said, adding that franchise teams will be able to retain a maximum of seven players for the 12th edition of the tournament.
“I’m delighted that a consultative and productive session was held between the franchises, players and management today resulting in informed and strategic decisions which will pave the way for bright future for the HBL PSL,” Naqvi said.
“The Player Auction model is a landmark step for the HBL PSL, offering players better financial opportunities through an increased salary purse and a transparent acquisition process, while making the league more competitive and attractive.”
PSL CEO Naseer said the player auction system modernizes player recruitment by promoting fairness, transparency, and market-driven value, strengthening the PSL’s appeal for both players and franchises.
“Today’s workshop saw all views being taken into consideration and this rich feedback will be reflected in our execution of a successful player auction scheduled next month,” he said.
PSL has become a key pillar of the country’s cricket economy, providing financial stability to the PCB and serving as a talent pipeline for the national team. The 11th edition of the league is set to begin from Mar. 26 while the final is expected to be played on May 3, as per the PCB’s schedule.
