ISLAMABAD: The government on Tuesday announced the appointment of consortiums of leading international banks for its Global Medium-Term Note (GMTN) and International Sukuk programmes to support Pakistan’s sovereign capital market transactions over the next three years.
According to a statement issued by the Finance Division, Finance Minister Senator Muhammad Aurangzeb held a virtual meeting from Washington, D.C., with the senior leadership of the selected consortiums, marking the commencement of the government’s strategic partnership with the financial institutions.
Following a competitive procurement process, the government selected Standard Chartered Bank, Citibank, Deutsche Bank AG, Emirates NBD Capital and MUFG Securities Asia Limited for Eurobond issuances.
For International Sukuks, the consortium comprises Standard Chartered Bank, Dubai Islamic Bank PJSC, Citibank, Emirates NBD Capital and Mashreq Bank PSC, while Standard Chartered Bank, Citibank and Deutsche Bank AG were selected for PKR-denominated, US dollar-settled bonds.
The consortiums have been appointed for a three-year term and will support Pakistan’s conventional and Islamic sovereign financing programmes. The government said it would utilise these structures for future capital market issuances as financing requirements arise and subject to the completion of all necessary documentation and regulatory formalities.
The Finance Division said the appointment forms part of a broader strategy to establish a stable, diversified and sustainable external financing framework rather than a one-time transaction. It added that the inclusion of MUFG Securities Asia Limited and Mashreq Bank broadened Pakistan’s engagement with leading international financial institutions.
The statement said Pakistan’s return to international capital markets was supported by an improving macroeconomic environment, citing fiscal consolidation, stronger external buffers, improved debt sustainability and continued structural reforms, which have strengthened investor confidence and reduced sovereign credit spreads.
The government said its objective was not only to raise financing but also to develop a diversified, market-based funding platform that broadens the investor base, lowers financing costs and strengthens Pakistan’s long-term presence in international capital markets.
