Pakistan has appointed leading international banking consortiums to support its plan to raise at least $2 billion from global capital markets during fiscal year 2026-27, marking another step in the country’s strategy to diversify external financing sources and strengthen foreign exchange reserves.
The Ministry of Finance announced that the selected financial institutions will advise the government on issuing both conventional and Islamic sovereign debt instruments under Pakistan’s Global Medium-Term Note Programme and International Sukuk Programme.
The planned fundraising will include Eurobonds, international sukuk, and Pakistani rupee-denominated bonds settled in US dollars, giving the government multiple financing options to access international investors.
International banks selected for Pakistan’s bond programme
For the Eurobond programme, the government has appointed the following institutions.
- Standard Chartered Bank
- Citibank
- Deutsche Bank AG
- Emirates NBD Capital
- MUFG Securities Asia Limited
For the international sukuk programme, the selected consortium includes.
- Standard Chartered Bank
- Dubai Islamic Bank PJSC
- Citibank
- Emirates NBD Capital
- Mashreq Bank PSC
For the issuance of Pakistani rupee-denominated US dollar-settled bonds, the government selected.
- Standard Chartered Bank
- Citibank
- Deutsche Bank AG
The appointments are intended to provide technical, financial, and market advisory services for future sovereign bond offerings.
Finance minister launches partnership
Finance Minister Senator Muhammad Aurangzeb formally launched the partnership during a virtual meeting from Washington with senior executives of the selected banking consortiums.
According to the Ministry of Finance, Pakistan plans to continue issuing both conventional and Shariah-compliant sovereign debt instruments after completing the required legal documentation, regulatory approvals, and market preparations.
Officials said the strategy is designed to establish a predictable presence in international debt markets rather than relying on occasional fundraising exercises.
Strategy focuses on long-term external financing
The government said the initiative forms part of its broader external financing strategy aimed at strengthening Pakistan’s access to international capital markets while reducing dependence on short-term borrowing.
Officials noted that expanding partnerships with global financial institutions is expected to improve investor outreach and support future sovereign financing transactions.
The inclusion of MUFG Securities Asia Limited and Mashreq Bank PSC also broadens Pakistan’s network of international banking partners, complementing its existing relationships with major global financial institutions.
Pakistan has been working to improve investor confidence through economic reforms, fiscal consolidation, and continued engagement with international lenders as it seeks sustainable sources of external financing.
Why the bond programme matters
Access to international bond markets enables governments to diversify funding sources, support foreign exchange reserves, finance budgetary requirements, and strengthen their presence among global investors.
Successful bond issuances can also improve market confidence and demonstrate investor willingness to finance the country’s long-term economic development, provided borrowing remains aligned with sustainable debt management policies.
