Karachi March 17 2022: State Bank of Pakistan (SBP), in terms of Government of Pakistan Ministry of Energy (Power Division) notification and upon issuance of GOP Guarantee in relation thereof, has approved the Pakistan Energy Sukuk-II (PES-II) issued by Power Holding Limited (PHL) security for maintenance of Statutory Liquidity Requirement (SLR).
Government of Pakistan (“GoP”) issued Secured Pakistan Energy Sukuk II of PKR 200 billion through PHL in order to raise funds to fulfil its financing requirements including but not limited to settlement of part of prevailing circular debt related to Power Sector under Pakistan Energy Sukuk Rules, 2019.
The disbursement proceeds utilized for funding the repayment liabilities of the DISCOs through CPPA-G to settle overdue payments in the total payables of CPPA towards various sectoral entities.
At present Banks are required to maintain the liquid assets at 19 percent for conventional banks and 14 percent for Islamic Banks/Islamic Banking Branches of their total demand liabilities and time deposits with tenor of less than one year in Pakistan.
