ISLAMABAD: The Government of Pakistan has appointed consortiums of leading international banks to manage the country’s Global Medium-Term Note (GMTN) and international Sukuk programmes, marking a significant step toward strengthening its external financing strategy and preparing for future sovereign capital market transactions.
According to a statement issued by the Finance Division on Tuesday, the appointments were made through a competitive procurement process and will remain valid for three years. The selected financial institutions will assist Pakistan in raising funds through Eurobonds, International Sukuks, and PKR-denominated US dollar-settled bonds as financing requirements emerge.
Finance Minister Muhammad Aurangzeb, currently in Washington, D.C., held a virtual meeting with senior executives of the appointed banks, describing the engagement as the beginning of a strategic partnership aimed at expanding Pakistan’s access to international capital markets.
The consortium for Pakistan’s Eurobond programme includes Standard Chartered Bank, Citibank, Deutsche Bank AG, Emirates NBD Capital, and MUFG Securities Asia Limited. Meanwhile, the consortium for International Sukuks comprises Standard Chartered Bank, Dubai Islamic Bank, Citibank, Emirates NBD Capital, and Mashreq Bank.
For PKR-denominated, US dollar-settled bonds, the government selected Standard Chartered Bank, Citibank, and Deutsche Bank AG to lead future issuances.
The Finance Division said the consortiums will support sovereign debt offerings through both conventional and Shariah-compliant financing instruments. However, actual issuances will be undertaken only when financing needs arise and after completing all regulatory approvals and required documentation.
Officials stressed that the appointments are part of Pakistan’s long-term strategy to establish a stable, diversified, and sustainable external financing framework, rather than a one-off fundraising initiative. The inclusion of institutions such as MUFG Securities Asia Limited and Mashreq Bank is also expected to broaden Pakistan’s engagement with international financial markets and attract a wider pool of global investors.
The government believes recent improvements in Pakistan’s economic indicators have created a more favourable environment for re-entering international debt markets. According to the Finance Division, ongoing fiscal consolidation, stronger foreign exchange buffers, structural economic reforms, and narrowing sovereign credit spreads have boosted investor confidence in the country’s economic outlook.
Officials added that the strategy aims to diversify Pakistan’s investor base, reduce long-term borrowing costs, and strengthen the country’s presence in global capital markets through a balanced mix of conventional and Islamic financing instruments.
The appointment of international banking consortiums is expected to enhance Pakistan’s ability to secure competitive financing while supporting broader efforts to maintain economic stability and sustainable fiscal management.
