Pakistan has completed a historic Rs 659.6 billion settlement of Power Holding Limited (PHL) debts — the largest-ever transaction in the country’s debt capital markets, Federal Minister for Power Awais Leghari announced.The settlement includes the redemption of Rs 399.6 billion in Pakistan Energy Sukuk I & II through the National Depository Mechanism (NDM) and the clearance of Rs 259.7 billion across multiple syndicated financing facilities.According to the minister, the NDM-led transaction reflects the strength and maturity of Pakistan’s capital markets and forms a core part of the Rs 1,225 billion Circular Debt Reduction Plan.Experts say the move provides major relief to the energy sector, long affected by circular debt and liquidity issues. The government reiterated its commitment to structural reforms and long-term fiscal stability.
