Finance Minister confirms launch of Pakistan’s Global Medium-Term Note program

The Finance Minister of Pakistan, Senator Muhammad Aurangzeb, has confirmed the launch of the country’s Global Medium-Term Note (GMTN) program, noting that requests for proposals (RFPs) for lead managers are being issued across three segments: Eurobonds, Islamic Sukuk, and a first-ever dollar-settled, rupee-linked bond.

Speaking at the Citi Macro Forum, attended by institutional investors, the finance minister of Pakistan, Muhammad Aurangzeb, said that Pakistan is expecting imminent approval from the International Monetary Fund (IMF) for key program reviews.

The Finance Minister confirmed that 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 Executive Board of the International Monetary Fund (IMF) anticipated in early May.

Describing the Middle East crisis as one of the largest supply shocks in recent history, the Finance Minister of Pakistan outlined the Government’s response across three stages, including measures to address first-order effects and ongoing coordination with the State Bank of Pakistan on second and third-order impacts.

Muhammad Aurangzeb also expressed appreciation for financial support from Saudi Arabia.

He further informed participants that Pakistan’s inaugural Panda Bond issuance is targeted for May, following the signing of counter-indemnity agreements with the Asian Development Bank (ADB) and the Asian Infrastructure Investment Bank (AIIB).

Reflecting on lessons drawn from the current crisis, the Finance Minister highlighted the importance of building strategic petroleum reserves and accelerating the transition towards renewable energy.

He also flagged emerging opportunities, including a surge in transit volumes at Karachi Port and the potential for renewed momentum in developing Gwadar as a strategic trade corridor.