Pakistan has moved to reopen international debt markets by launching its Global Medium-Term Note program, Finance Minister Muhammad Aurangzeb said at the Citi Macro Forum. The government is issuing requests for proposals for lead managers across three segments: Eurobonds, Islamic Sukuk, and a first-ever dollar-settled, rupee-linked bond.
The announcement comes as Pakistan also expects movement on its IMF program. A Staff-level agreement has been reached for the third review under the Extended Fund Facility and the second review under the Resilience and Sustainability Facility, with Executive Board consideration anticipated in early May. The IMF publicly confirmed in March that mission talks with Pakistan covered those same reviews.
Aurangzeb used the Citi Macro Forum to present Pakistan’s strategy to institutional investors at a time when the country is seeking to restore market access after several years. Current government reporting also says Pakistan is actively planning to re-enter global capital markets with instruments including Eurobonds, a Panda bond, and dollar-settled rupee-linked transactions.
That gives the GMTN program broader significance than a routine debt update. It signals a coordinated effort to diversify Pakistan’s external financing sources while leaning on improved relations with multilaterals and expected IMF backing.
IMF Reviews And Bond Plans Are Moving In Parallel
The market is pushing directly toward the anticipated IMF approval. That matters because sovereign issuance plans typically become more credible when investors see policy continuity and multilateral support.
Public IMF materials show Pakistan remains under the EFF and RSF arrangements, and the March end-of-mission statement confirmed discussions on the third EFF review and second RSF review. That supports the finance minister’s claim that the program is moving toward the Board stage.
Aurangzeb also thanked Saudi Arabia for financial support, reflecting how Pakistan is combining bilateral backing with market-based financing options as it manages external pressures.
Pakistan’s inaugural Panda Bond issuance is targeted for May, following the signing of counter-indemnity agreements with the Asian Development Bank and the Asian Infrastructure Investment Bank. Current government reporting confirms ADB support for credit enhancement on Pakistan’s debut Panda Bond, while official statements have also highlighted those recent discussions.
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Pakistan’s proposed first dollar-settled, rupee-linked bond could also stand out because it would offer a new format for tapping investor appetite while keeping exposure linked to the rupee. Alongside Eurobonds and Sukuk, that would give Islamabad a more varied financing mix.
Aurangzeb told investors that the Middle East crisis represented one of the biggest supply shocks in recent history. He said the government is managing first-order effects while coordinating with the State Bank of Pakistan on broader second- and third-order impacts.
He also used the moment to argue for longer-term adjustments, including strategic petroleum reserves and a faster transition to renewable energy. He pointed to rising transit volumes at Karachi Port and the potential for Gwadar to gain renewed momentum as a trade corridor.
