Key Takeaways
- The federal government has selected international banks to assist in raising at least $2 billion through global bond issuances.
- Selected institutions will advise on issuing both conventional and Islamic debt instruments under Pakistan’s Global Medium Term Note Programme.
- Finance Minister Senator Muhammad Aurangzeb launched the partnership with senior executives of the chosen banking consortiums.
The federal government of Pakistan has appointed international banks to facilitate a $2 billion bond issuance, as part of its strategy to strengthen external financing for fiscal year 2026-27. The selected banks will provide advisory services on issuing both conventional and Islamic debt instruments under the country’s Global Medium Term Note Programme and International Sukuk Programme.
The fundraising plan includes Eurobonds, international sukuk, and Pakistani rupee-denominated bonds settled in US dollars. For the Eurobond program, Standard Chartered Bank, Citibank, Deutsche Bank AG, Emirates NBD Capital, and MUFG Securities Asia Limited have been chosen as part of the consortium.
The international sukuk program will be handled by a different consortium comprising Standard Chartered Bank, Dubai Islamic Bank PJSC, Citibank, Emirates NBD Capital, and Mashreq Bank PSC. For Pakistani rupee-denominated US dollar settled bonds, Standard Chartered Bank, Citibank, and Deutsche Bank AG are the selected institutions.
Finance Minister Senator Muhammad Aurangzeb held a virtual meeting with senior executives of these banks from Washington to officially launch the government’s partnership with international financial institutions. The meeting was aimed at finalizing the documentation and regulatory formalities for regular bond issuances in line with Pakistan's long-term financing strategy.
According to officials, this move is part of a broader effort to build a diversified and sustainable external financing framework rather than a one-time fundraising exercise. The inclusion of MUFG Securities Asia Limited and Mashreq Bank also expands Pakistan’s partnerships with leading international financial institutions.
The government plans to make regular bond issuances after completing the required documentation and regulatory formalities, in line with its long-term financing strategy. This approach is expected to provide a steady flow of external funds for various developmental projects across the country.
