Karachi, In a significant development for Pakistan’s financial market, the Pakistan Stock Exchange (PSX) hosted the first auction of the Government Ijarah Sukuk, marking a new era in government debt securities. This event follows the Cabinet’s decision to allow government debt to be raised through capital markets, in addition to the traditional method via the State Bank of Pakistan. The auction, held on December 8, 2023, was part of a quarterly auction calendar set up in coordination with the Ministry of Finance’s Debt Management Office.
According to Pakistan Stock Exchange Limited, the event was commemorated with a gong ceremony, attended by notable figures including the (Caretaker) Prime Minister of Pakistan, H.E. Mr. Anwaar ul Haq Kakar, Dr. Shamshad Akhtar, the (Caretaker) Federal Minister for Finance, Revenue, and Economic Affairs, and Mr. Akif Saeed, Chairman of the Securities and Exchange Commission of Pakistan, among other business and market leaders.
During the ceremony, Prime Minister Kakar emphasized the collective responsibility of stock brokers, the SECP, and other market participants to promote the new primary market auctions to a broad range of investors. He highlighted this as a remarkable achievement for the entire market ecosystem. Dr. Shamshad Akhtar, the Federal Minister for Finance, Revenue and Economic Affairs, echoed these sentiments, noting the momentous occasion for Pakistan’s financial markets and economy.
Mr. Akif Saeed, Chairman of the SECP, remarked on the importance of government securities for capital market development and urged efforts to attract new investors. The MD and CEO of PSX, Mr. Farrukh H. Khan, expressed excitement about the Exchange’s role in the primary market auction of Government Debt Securities (GDS) and thanked the government, particularly the Finance Minister and the Debt Management Office, for their support in this groundbreaking development.
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