The Sources say that the federal cabinet has held meeting to deliberate how it can get Rs 5billion as a loan.
“From where suggestion of mortgaging F-9 park has come?,” the PM asked the Secretary Finance as the meeting started. He opposed giving F-9 area park in mortgage even as a token.
“It is public park and it should not given in mortgage even as a token,” the PM was quoted as saying.
The Secretary said that value of the land was considered against issuance of Sukuk bonds in such matters.
“But it is not practical; it is just symbolic,” the secretary explained.
At this, the PM said that the PM Office should be mortgaged as a token if it was not practical.
Imran Khan said that he knew about Sukuk bonds and there would be wrong impression if F-9 area park was mortgaged.
At this, the PM said that he knew about Sukuk bonds and there was wrong impression of placing F-9 area park on mortgage as a token. “Park should not be mortgaged even as a token because it will give good impression,” he added.
“PM house should be mortgaged if it is just symbolic and not practical,” said the PM.
“We thought to issue these Sukuk bonds just to correct our past mistakes,” said the PM.
The Secretary Finance said that these were Islamic Sukuk.
The consortium of three banks are all set for issuance of Sukuk bonds. Capital Development Authority has issued No-Objection Certificate (NOC) and the summary has been forwarded by the Finance Ministry to the federal cabinet for approval.