Mortgaging of Islamabad park planned to get Rs500bn loan

Published January 24, 2021
The federal government is considering mortgaging Islamabad’s biggest park in F-9 sector to get a loan of around Rs500 billion. — APP/File
The federal government is considering mortgaging Islamabad’s biggest park in F-9 sector to get a loan of around Rs500 billion. — APP/File

ISLAMABAD: The federal government is considering mortgaging Islamabad’s biggest park in F-9 sector to get a loan of around Rs500 billion.

The proposal has been included in the agenda of the meeting of the federal cabinet scheduled to be held on Tuesday.

The meeting will be held through video link conference system which has been arranged at Prime Minister’s House and a committee room of the Cabinet Division.

Proposal to be discussed by cabinet on Tuesday

The agenda item No six, moved by the Finance Division, is “Issuance of Domestic and International Ijara Sukuk Against Unencumbered Land of F-9 Park, Islamabad”.

According to reports, due to financial issues the government has decided to mortgage the F-9 park of the federal capital to get a loan of about Rs500bn through issuing bonds.

The Capital Development Authority has already issued a no-objection certificate in this regard.

Earlier, a number of institutions, buildings and roads have been mortgaged during the tenures of successive governments to get loans through national and international bonds.

The F-9 park (Fatima Jinnah Park) is a public recreation park spread on 759 acres of land. The park is one of the largest covered green areas in Pakistan. It is named after Madar-i-Millat Fatima Jinnah.

Published in Dawn, January 24th, 2021

Opinion

Editorial

Judiciary’s SOS
Updated 28 Mar, 2024

Judiciary’s SOS

The ball is now in CJP Isa’s court, and he will feel pressure to take action.
Data protection
28 Mar, 2024

Data protection

WHAT do we want? Data protection laws. When do we want them? Immediately. Without delay, if we are to prevent ...
Selling humans
28 Mar, 2024

Selling humans

HUMAN traders feed off economic distress; they peddle promises of a better life to the impoverished who, mired in...
New terror wave
Updated 27 Mar, 2024

New terror wave

The time has come for decisive government action against militancy.
Development costs
27 Mar, 2024

Development costs

A HEFTY escalation of 30pc in the cost of ongoing federal development schemes is one of the many decisions where the...
Aitchison controversy
Updated 27 Mar, 2024

Aitchison controversy

It is hoped that higher authorities realise that politics and nepotism have no place in schools.