April 16, 2026
Pakistan launches Global Medium-Term Note programme, plans capital market return, Panda Bond issuance in May
Finance minister briefs investors on IMF review, financing plans; signals Pakistan’s plan to return to international capital markets after a gap of around four years
April 16, 2026
Federal Minister for Finance and Revenue Senator Muhammad Aurangzeb briefed global investors and financial institutions on Pakistan’s financing strategy, confirming the launch of the Global Medium-Term Note (GMTN) programme and plans to re-enter international capital markets.
Addressing the Citi Macro Forum attended by institutional investors on the sidelines of the World Bank–IMF Spring Meetings in Washington, D.C., the minister said a Staff-Level Agreement had been reached for the third review under the Extended Fund Facility (EFF) and the second review under the Resilience and Sustainability Facility (RSF), with approval by the International Monetary Fund (IMF) Executive Board expected in early May.
He confirmed that requests for proposals for lead managers under the GMTN programme are being issued across three segments, including eurobonds, Islamic sukuk, and a dollar-settled, rupee-linked bond.
The minister said Pakistan is targeting its inaugural Panda Bond issuance in May following the signing of counter-indemnity agreements with the Asian Development Bank (ADB) and the Asian Infrastructure Investment Bank (AIIB).
On the sidelines of the meetings, the minister also held discussions with representatives of JPMorgan Chase, where he signalled Pakistan’s plan to return to international capital markets after a gap of around four years.
He apprised the JP Morgan team of developments under the GMTN programme and ongoing preparations for issuance of rupee-linked, dollar-denominated instruments.
During both engagements, the minister expressed appreciation for financial support extended by the Kingdom of Saudi Arabia.
Referring to global developments, he described the Middle East crisis as a major supply shock and outlined the government’s response, including measures to address immediate impacts and coordination with the State Bank of Pakistan on broader economic effects.
He highlighted the need to build strategic petroleum reserves and accelerate the shift towards renewable energy.
The minister also pointed to increased transit volumes at Karachi Port and potential progress in developing Gwadar as a trade corridor.
He said the financing proposals and market options discussed with investors and institutions would be reviewed as Pakistan moves to diversify its funding sources and strengthen its position in global capital markets.
Meeting with Franklin Templeton focuses on privatization, capital markets
On the sidelines of the meetings, the finance minister also held discussions with the senior leadership of Franklin Templeton on privatization and capital market developments.
He informed the delegation that 28–29 state-owned enterprises have been handed over to the Privatization Commission under the government’s ongoing programme.
The minister also discussed the outsourcing of airports, including Islamabad, Karachi, and Sialkot, as well as plans to privatize electricity distribution companies.
On capital markets, he briefed the delegation on the Global Medium-Term Note programme, upcoming requests for proposals for lead managers, and Pakistan’s planned return to international markets after a four-year gap.
He said the government would remain selective on pricing and timing of issuances in view of market conditions.
The minister further informed that the Pakistan Virtual Assets Regulatory Authority has been established, with no objection certificates issued to Binance and other virtual asset service providers, and that the State Bank of Pakistan has withdrawn its 2018 restriction on banking channels for cryptocurrency transactions.
He also expressed interest in establishing a structured training programme for officials of the State Bank of Pakistan and the Ministry of Finance.
Meeting with Fitch focuses on credit rating, market strategy
Federal Minister for Finance and Revenue Senator Muhammad Aurangzeb met Fitch Ratings on the sidelines of the World Bank–IMF Spring Meetings in Washington, D.C. to discuss Pakistan’s credit profile and capital market strategy.
The finance minister appreciated Fitch’s continued engagement and assessment of Pakistan’s economy and thanked the agency for reaffirming the country’s B- credit rating.
He informed the agency that a Staff-Level Agreement had been reached with the International Monetary Fund for the third review under the Extended Fund Facility and the second review under the Resilience and Sustainability Facility.
The minister said Pakistan has secured external financing arrangements to meet its fiscal year 2026 obligations.
He also outlined the government’s plan to maintain presence in international capital markets through diversified instruments, including Panda Bonds, Eurobonds, international sukuk, and ESG-linked bonds.
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