Desperate Pakistan to mortgage Islamabad park for 500 billion PKR mortgage

Pakistan, which has been overwhelmed by financial challenges, is now contemplating a proposal for mortgaging the most important park in Islamabad in change of 500 billion Pakistani rupees (PKR).
As per experiences, the federal authorities of Pakistan has sought to mortgage F-9 park (Fatima Jinnah Park) and obtain 500 billion PKR by issuing bonds. The park, unfold over 759 acres, is called after Muhammad Ali Jinnah’s youthful sister Fatima Jinnah. The proposal, raised by the Finance Division, shall be taken up within the cabinet assembly on Tuesday through video hyperlink. The agenda of the proposal learn, “Issuance of Domestic and International Ijara Sukuk Against Unencumbered Land of F-9 Park, Islamabad”.
In order to get the proposal to fruition, the Capital Development Authority has issued NoC (No-Objection Certificate) upfront. Reportedly, this isn’t the primary time that Pakistan has sought to mortgage its property for a mortgage. The previous governments have additionally mortgaged roads, buildings and establishments and procured loans by way of the issuance of bonds, each nationwide and worldwide.
Malaysia seizes PIA aircraft for non-payment of dues
In a rarest of uncommon instances within the historical past of worldwide civil aviation, Malaysian authorities had seized a Pakistan International Airlines (PIA) Boeing-777 aeroplane on the Kuala Lumpur Airport owing to non-payment of plane lease dues. According to experiences, the PIA plane was seized on the orders of an area Malaysian court docket over the non-payment of plane lease dues.
Pakistan International Airlines (PIA) had leased two plane, together with the Boeing-777, from a Vietnamese firm in 2015. However, that they had did not pay the dues to the Vietnamese firm. Reportedly, the authorities seized the aircraft after passengers had already boarded the plane. The plane’s 18-member workers additionally grow to be stranded in Kuala Lumpur because of the seizure and can now quarantine for 14 days as per protocols. Earlier, Pakistan had additionally taken a mortgage from China to repay a $3 billion mortgage taken from Saudi Arabia.