Virendra Pandit
New Delhi: Financially broke, Pakistan is now considering a proposal to mortgage the largest park in the national capital of Islamabad to raise 500 billion Pakistani rupees (PKR).
Media reports said the federal government of Pakistan has sought to mortgage the F-9 Park (Fatima Jinnah Park) in Islamabad to receive PKR 500 billion by issuing bonds.
The massive park, spread over 759 acres, is named after Pakistan founder Muhammad Ali Jinnah’s younger sister Fatima. The proposal, raised by the Finance Ministry, will be taken up in the Cabinet meeting on Tuesday via video link.
The agenda of the proposal read, “Issuance of Domestic and International Ijara Sukuk Against Unencumbered Land of F-9 Park, Islamabad”, according to media reports.
To speed up its execution, the Capital Development Authority (CDA) has also issued a No-Objection Certificate (NoC) ) in advance.
This is not the first time that Pakistan has sought to mortgage its assets for a loan. The preceding governments have also mortgaged roads, buildings, and institutions and procured loans through the issuance of bonds, both national and international.
Pakistan’s financial crisis is now a subject of international derision as well. Recently, Malaysia seized the Pakistan International Airlines (PIA)’s aircraft Boeing-777 at Kuala Lumpur Airport following a court order in a disputed non-payment of aircraft lease dues.
Earlier, Saudi Arabia had twisted Pakistan’s arms, for repayment of a loan, for which Islamabad took another loan from China to pay to Jeddah.